Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
507 views
in Consumers Equilibrium by (63.7k points)

What do you understand by consumer’s surplus?

1 Answer

+1 vote
by (63.4k points)
selected by
 
Best answer

It has been generally seen that consumers are ready to pay more for commodities than they actually pay for them. This extra satisfaction which consumers get from their purchase of goods is called by Marshall as Consumer Surplus. The concept of consumer’s surplus was developed by Alfred Marshall. This concept is not only applicable in economic theory, but also in the economic position of government and monopoly decisions.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...