The Difference Between the Maximum Price a Consumer Is Willing

question 49

Multiple Choice

The difference between the maximum price a consumer is willing to pay for a product and the actual price the consumer pays is called:

• A) Utility
• B) Consumer Surplus
• C) Consumer Demand
• D) Market failure

---

Definitions:

High Barriers

Substantial obstacles or challenges that prevent or hinder entry into a market or industry.

Buyer Power

Refers to the ability of consumers to influence the pricing and quality of goods and services in a market due to their collective purchasing power.

Supplier Power

Refers to the ability of providers of goods or services to dictate terms and influence prices in the marketplace due to their strong position vis-à-vis buyers.

Competitive Edge

The unique advantage a company or product has over its competitors, making it more attractive to consumers or clients.