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:

Household

A household typically refers to a residence or the people living together in a home, often used in contexts relating to domestic activities, utilities, and consumption.

Step-Up Transformer

A transformer that produces a higher voltage at its secondary than is applied to its primary.

Secondary Voltage

The voltage output by the secondary winding of a transformer or another type of electrical converter, which has been transformed from the primary voltage.

Primary Voltage

The voltage supplied to the primary winding of a transformer, which induces a secondary voltage in accordance with the transformer's winding ratio.