- Consumer Surplus.
- Refer to page 29 in revision guide.
- The area BELOW the demand curve and ABOVE the equilibrium line.
- The difference between the price that the consumer is willing and able to pay and the price that they actually pay.
- Anything that causes a shift in the demand curve = change in price.
- This change in price will either be closer or further away from the amount that the consumer is willing/able to pay. This changes the consumer surplus.