Economics (M.Phil./Ph.D.) 2015 Panjab University Entrance Exam With Answers

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34.

Consumer surplus is defined as :

A: The difference between what the consumer actually pays and what he’s willing to pay
B: The difference between what the consumer is willing to pay and what he actually pays
C: The sum of what the consumer pays and what he’s willing to pay
D: What he consumer is willing to pay divided by what he actually pays

The answer is: B

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