Which of the following best describes the concept of consumer surplus?

Consumer surplus is defined as the difference between what consumers are willing to pay for a good or service and what they actually pay. It measures the benefit to consumers over the price they pay, representing the additional utility or satisfaction they receive. When consumers can purchase a product for less than the maximum amount they would be willing to pay, the difference constitutes their consumer surplus.

In this context, the correct answer highlights the idea that consumer surplus embodies the total benefit that consumers gain from transactions, beyond their actual expenditure. This concept illustrates the value consumers derive from markets and how they benefit from favorable pricing. Thus, it emphasizes the economic reasoning behind consumer behavior and market dynamics.