False, in a competitive industry, the consumer surplus is the region between the price line and the market demand curve, not the individual demand curve.
An economic measure of consumer gains as a result of market competition is called consumer surplus. When consumers pay less than they are willing to pay for a good or service, this is known as a consumer surplus. It's a gauge of the extra gain that consumers experience as a result of paying less than they would have otherwise.
The surplus of consumers and producers can be contrasted. To calculate the social benefits of public goods like bridges, canals, and national highways, the concept of consumer surplus was created in 1844. It has been a crucial tool in the development of government tax policies and the field of welfare economics.
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