What Is Consumer Surplus?

Consumer surplus is the consumer's gain from exchange. It's the difference between the maximum price that the consumer is willing to pay for a given quantity, and the market price the consumer actually has to pay. Total consumer surplus is the sum of the consumer surplus of all buyers.

---------------------------------------------------------------

Subscribe for new videos every Tuesday! http://bit.ly/1Rib5V8

Dictionary of Economics Course: http://bit.ly/2MXnCWw

Additional practice questions: http://bit.ly/2woQ89g

Ask a question about the video: http://bit.ly/2BVzfZK

Help translate this video: http://bit.ly/2BT8THP