Consumer surplus
A)is closely related to the supply curve for a product.
B)is represented by a rectangle on a supply-demand graph when the demand curve is a straight,downward-sloping line.
C)is measured using the demand curve for a product.
D)does not reflect economic well-being in most markets.

Question

Quizplus · Accepted Answer

Consumer surplus is the difference between what consumers are willing to pay for a product and what they actually pay. It is measured using the demand curve, as it shows the maximum price consumers are willing to pay for each quantity of a product. Thus, option C is the correct answer. Options A, B, and D are not accurate statements about consumer surplus.

Consumer Surplus