Correct Answer: Total utility and price

Solution : The correct answer is (b) Total utility and price.

Consumer surplus is the difference between the maximum amount a consumer is willing to pay for a good or service and the amount they actually pay. It is based on the economic theory of marginal utility, which states that the additional satisfaction a consumer gets from consuming one more unit of a good or service decreases as the consumer consumes more units.

Consumer surplus is an important concept in economics because it measures the economic welfare of consumers. A higher consumer surplus means that consumers are better off. Governments can use policies such as taxes and subsidies to increase or decrease consumer surplus.