A terminology which is given to consumers who were willing to pay for a higher price, but don't have to because the equilibrium price has been set lower is: C. consumer surplus.
What is price?
Price can be defined as an amount of money which is primarily set by the seller of a good (product), and it must be paid by a buyer (consumer) to the seller, so as to enable the acquisition of this good (product).
What is consumer surplus?
Consumer surplus can be defined as an economic measure of the difference between the willingness of consumers to pay for a good (product) at higher price and the equilibrium price or actual price paid by the consumers.
Read more on consumer surplus here: https://brainly.com/question/24172788
#SPJ1
Complete Question:
What is the term given to consumers who were willing to pay for a higher price, but don't have to because the equilibrium price has been set lower?
A. Market failure.
B. Quantity excess.
C. Consumer surplus.
D. Consumer drop.
