​The difference between the value you place on a product and its market price is called

A) ​Consumer surplus
B) Quantity demanded
C) Demand
D) ​None of the above

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the extra satisfaction or utility gained.

Market Price

is the current price at which a product, security, or commodity can be bought or sold in a marketplace.

Value

An individual’s value for a good or service is the amount of money he or she is willing to pay for it.