Home > Term: consumer surplus
consumer surplus
The welfare (or well-being) consumers derive from a good or service, represented by the difference between the maximum a consumer is willing to pay for a good or service and what the consumer actually pays. "Consumer" also applies to those gaining value from non-consumptive uses (e.g. observing salmon runs) and to nonuse benefits (e.g. protecting marine mammals from exploitation).
- Part of Speech: noun
- Industry/Domain: Fishing
- Category: Marine fishery
- Organization: NOAA
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Creator
- J Thomas
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