consumer surplus
Consumer surplus is the economic term for the gap between what a consumer is willing to pay and what they actually pay.
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Last mentioned In microeconomics, consumer surplus measures the benefit consumers gain from market transactions. If someone is willing to pay up to $10 for an item and buys it for $7, the $3 difference is consumer surplus. In business strategy, the term also describes giving customers more value than they pay for in order to build loyalty.
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