Which statement best defines consumer surplus?

Consumer surplus is best defined as the difference between what consumers are willing to pay and what they actually pay. This concept reflects the benefit that consumers receive when they purchase a product for less than the maximum price they are prepared to pay. Essentially, it illustrates the value consumers derive beyond the transaction price, capturing the economic well-being or surplus enjoyed by consumers in a market.

For instance, if a consumer is willing to buy a pair of shoes for $100 but finds them on sale for $70, the consumer surplus is $30. This surplus represents the additional satisfaction or utility that the consumer gains from the price discrepancy. It is an important measure in economics because it helps to understand how changes in pricing can affect consumer behavior and overall market welfare.

Other options provide related but distinct concepts: the total amount spent on goods and services refers to overall expenditure, the additional benefit from consuming one more unit pertains to marginal utility, and the cost saved when prices drop is more about savings than surplus. Thus, option A captures the essence of consumer surplus accurately.