Figure 7-23
-Refer to Figure 7-23.At equilibrium,consumer surplus is represented by the area
A)A.
B)A+B+C.
C)D+H+F.
D)A+B+C+D+H+F.

Question

Figure 7-23 
-Refer to Figure 7-23.At equilibrium,consumer surplus is represented by the area
A)A. 
B)A+B+C. 
C)D+H+F. 
D)A+B+C+D+H+F.

Quizplus · Accepted Answer

Consumer surplus is the difference between the maximum price a consumer is willing to pay and the price they actually pay. At equilibrium, consumer surplus is represented by the area above the price line and below the demand curve, up to the quantity exchanged. This area is represented by A+B+C in the figure, since it includes the triangle formed by A+B+C. Therefore, the correct choice is B.

Figure 7-23 -Refer to Figure 7-23.At Equilibrium,consumer Surplus Is Represented by the Represented