Consumer surplus is 0 A, the difference between the highest price a consumer is

Question

Consumer surplus is 0 A, the difference between the highest price a consumer is willing to pay and marginal benefit. O B. the highest price a consumer is willing to pay to consume a good or service. ° C. the difference between the lowest price a firm would be willing to accept and the price it actually receives. 0 D, the difference between the highest price a consumer is willing to pay and the price the consumer actually pays. 0 E. the difference between the highest price a consumer is willing to pay and the lowest price a firm would be willing to accept. How does consumer surplus change as the equilibrium price of a good rises or falls? As the price of a good rises, consumer surplus I, and as the price of a good falls, consumer surplus

Explanation / Answer

Answer
Option D
The consumer surplus is the area below the demand curve and above market price, the demand curve shows maximum willingness to pay.
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reduce
Increase
the consumer surplus is the area between the market price and maximum willingness so if the difference increases(price decreases) then it increases and vice versa.

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