Consumer Surplus (Graph)

Consumer surplus is the area between the price line and the demand curve.(Cambridge Dictionary)
Consumer surplus is the consumer's gain from exchange. It's the difference between the maximum price that the consumer is willing to pay for a given quantity, and the market price the consumer actually has to pay. Total consumer surplus is the sum of the consumer surplus of all buyers. The main reason why consumers buy products is that it makes them better off. So, we could simplify the definition of consumer surplus as how much better off consumers are as they make a purchase. Realistically, different people could value their consumption of the same product differently. Simply put, while one person may want to pay a given price for a good, another person may want to pay more or less for the same good. Therefore, the consumer surplus is the value or benefit a consumer gains from purchasing a product in the market.(Marginal Revolution University)

Sources:

Consumer Surplus. (2024). Cambridge Dictionary. https://dictionary.cambridge.org/dictionary/english/consumer-surplus

What is consumer surplus? (2024, January 17). Marginal Revolution University. https://mru.org/courses/dictionary-economics/consumer-surplus-definition