Question

which of the following is the excess utility that consumers who were willing and able to purchase at prices above equilibrium receive when they purchase a good or service at equilibrium? excess supply producer surplus excess demand consumer surplus

Explanation:

• Excess supply refers to unsold goods when price is above equilibrium, not consumer utility.
• Producer surplus is the benefit to producers, not consumers.
• Excess demand is unmet consumer demand when price is below equilibrium, not utility gain.
• Consumer surplus is defined as the extra utility consumers get when they pay the equilibrium price, even though they were willing to pay more.

Answer:

consumer surplus