Figure 7-24
-Refer to Figure 7-24.At equilibrium,consumer surplus is
A)$18.
B)$36.
C)$54.
D)$72.

Name: Figure 7-24 -Refer to Figure 7-24.At equilibrium,consumer surplus is A)$18. B)$36. C)$54. D)$72.
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Question

Figure 7-24 
-Refer to Figure 7-24.At equilibrium,consumer surplus is
A)$18. 
B)$36. 
C)$54. 
D)$72.

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 this case, consumers are willing to pay $54 for the good, but they only have to pay $36. Therefore, consumer surplus is $54 - $36 = $18.

Figure 7-24 -Refer to Figure 7-24.At Equilibrium,consumer Surplus Is