Which of the following statements is true about 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. This concept captures the extra benefit or utility that consumers receive when they are able to purchase a product for less than the highest price they are willing to pay. Therefore, it truly represents the benefit to consumers from participating in the market.

When consumers engage in purchasing, they derive satisfaction and value from their transactions. The difference between their willingness to pay and the market price translates into consumer surplus, reflecting the economic advantage of being able to purchase goods for less than the maximum they would be willing to pay. This surplus is a key indicator of consumer welfare and contributes to an overall measure of economic efficiency in the market.

The other statements do not accurately represent the characteristics of consumer surplus. For instance, it isn't maximized at high prices; in fact, high prices generally reduce consumer surplus. It also doesn't equate to the total amount spent, as that reflects consumer expenditures rather than the surplus gained. Lastly, consumer surplus is not equal to producer surplus, as they represent different facets of market efficiency; they can vary independently based on market dynamics.