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CONSUMER'S SURPLUS: Dictionary Entry and Meaning

Webster's 1913 Dictionary
 
 Definition: 
\Consumer's surplus\ (Polit. econ.)
The excess that a purchaser would be willing to pay for a
commodity over that he does pay, rather than go without the
commodity; -- called also
{consumer's rent}.
         The price which a person pays for a thing can never
         exceed, and seldom comes up to, that which he would
         be willing to pay rather than go without it. . . .
         The excess of the price which he would be willing to
         pay rather than go without it, over that which he
         actually does pay, is the economic measure of this
         surplus satisfaction. It has some analogies to a
         rent; but is perhaps best called simply consumer's
         surplus.                              --Alfred
                                               Marshall.
 

 

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