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Explain consumer surplus
Consumer surplus is defined as the difference between the consumers' willingness to pay for a commodity and the actual price paid by them, or the equilibrium price.
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Asked 3/1/2013 1:37:03 PM
Updated 2/13/2018 10:00:35 AM
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Edited by yumdrea [2/13/2018 10:00:33 AM]
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Consumer surplus is defined as the difference between the consumers' willingness to pay for a commodity and the actual price paid by them, or the equilibrium price.

Added 2/13/2018 10:00:35 AM
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