Figure 7-19
-Refer to Figure 7-19.At the equilibrium price,consumer surplus is
A)$100.
B)$200.
C)$50.
D)$450.

Question

Figure 7-19 
-Refer to Figure 7-19.At the equilibrium price,consumer surplus is
A)$100. 
B)$200. 
C)$50. 
D)$450.

Quizplus · Accepted Answer

Consumer surplus is the difference between the price consumers are willing to pay for a good and the price they actually pay. In Figure 7-19, the equilibrium price is $50. At this price, consumers are willing to pay $150 for the good, but they only have to pay $50. Therefore, consumer surplus is $100.

Figure 7-19 -Refer to Figure 7-19.At the Equilibrium Price,consumer Surplus Is