Consumer Surplus Is the Amount a Buyer Actually Has to Pay

question 49

True/False

Consumer surplus is the amount a buyer actually has to pay for a good minus the amount the buyer is willing to pay for it.

---

Definitions:

Welfare Change

A measure of changes in the economic well-being of individuals or communities, often resulting from policy decisions or economic events.

Tax Burden

The measure of taxes that individuals, businesses, or society as a whole must bear.

Government Policy

This term refers to the actions taken by a government to influence or control different aspects of its economy or society, ranging from economic policies to social regulations.

Quantity Traded

The total amount of a particular good or service that is bought and sold within a certain period.