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Consumer surplus is the value to buyers minus the amount paid by buyers. It represents the economic benefit that consumers receive when they can buy a product at a price lesser than the maximum they're willing to pay.
In economics, consumer surplus is a measure of the economic benefit that consumers receive when they are able to purchase a product for a price that is less than the highest price they're willing to pay. Consumer Surplus can be accurately defined as the value to buyers minus the amount paid by buyers.
For instance, if you are willing to pay $20 for a book, but you can buy it for $15, your consumer surplus is $5. This concept is important because it helps economists measure the welfare effect of a price change on consumers.
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