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Explaining Consumer Surplus

Level:
A-Level, IB Diploma
Board:
AQA, Edexcel, Eduqas, IB, OCR, WJEC

Last updated 1 Jul 2018

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What is consumer surplus?

When there is a difference between the price that you pay in the market and the value that you place on the product, then the concept of consumer surplus becomes a useful one to look at. This is an important idea that you can use on many occasions in your exams.

Exam question on changes in consumer and producer surplus
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