The difference between the price the consumer is prepared to pay for a commodity and the price which he actually pays is called (1) Consumer's Surplus (2) Producer's Surplus (3) Landlord's Surplus (4) Worker's Surplus
(1) Consumer's Surplus Explanation: Consumer surplus is the difference between the maximum price a consumer is willing to pay and the actual price they do pay. If a consumer would be willing to pay more than the current asking price, then they are getting more benefit from the purchased product than they spent to buy it.