The concept of surplus measures the benefit that people receive when they sell something for more than they would have been willing to accept.
Consumer advantages are quantified economically as consumer surplus. When customers pay less for a good or service than they are willing to, this is known as a consumer surplus. It measures the extra benefit that consumers get from paying less for something than they would have been prepared to. Consumer surplus is represented by a horizontal line drawn between the y-axis and demand curve and is defined as the region below the downward-sloping demand curve, or the amount a consumer is prepared to spend for certain quantities of an item, and above the actual market price of the good.
Learn more about Consumer surplus here
brainly.com/question/15416023
#SPJ4
