When analyzing consumer choices, the ___ reflects the difference between the highest price a consumer is willing to pay for a product and the market price they actually pay, illustrating the economic benefit to the consumer.

When we talk about consumer choices, the term we are looking for is "consumer surplus. " Consumer surplus shows how much extra value a consumer gets from a product compared to what they actually pay for it. For example, if someone is willing to pay $50 for a new video game but only pays $30 at the store, their consumer surplus is $20. This means they feel like they have saved money and gained extra satisfaction from their purchase. Understanding consumer surplus helps us see how consumers benefit from market prices being lower than what they are willing to spend.