In an unregulated, competitive market, consumer surplus exists because some:

A) sellers are willing to take a lower price than the equilibrium price.
B) consumers are willing to pay more than the equilibrium price.
C) sellers will only sell at prices above equilibrium price (or actual price) .
D) consumers are willing to make purchases only if the price is below the actual price.

Consumer Surplus

The benefit obtained by consumers because they are able to purchase a product for a price that is less than the maximum price that they are willing to pay.

Equilibrium Price

The rate at which the amount of products offered matches the amount of products consumers want.

Unregulated Market

A market where the government does not impose price controls, quotas, or other restrictions on the forces of supply and demand.