Use the figure below to answer the following questions. Figure 5.2.2 -Refer to Figure 5.2.2 If the price is P₁,consumer surplus is A)A. B)B plus C. C)D plus E. D)A plus B plus C. E)A plus B plus C plus D plus E.

Question

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Consumer surplus is the difference between the price consumers are willing to pay for a good and the price they actually pay. In Figure 5.2.2, the price is P1, and the consumer surplus is the area below the demand curve and above the price line, which is triangle A.

Use the Figure Below to Answer the Following Questions