Use the figure below to answer the following questions. Figure 5.2.3
-Refer to Figure 5.2.3.If the price rises from P₀ to P₁,what area on the graph indicates the change in consumer surplus?

Question

Use the figure below to answer the following questions.

Figure 5.2.3
-Refer to Figure 5.2.3.If the price rises from P₀ to P₁,what area on the graph indicates the change in consumer surplus?

Quizplus · Accepted Answer

The change in consumer surplus when the price rises from P0 to P1 is represented by the area B plus C, which is the area between the initial and new price levels up to the demand curve.

Use the Figure Below to Answer the Following Questions