Figure 7-2

-Refer to Figure 7-2.When the price is P1,consumer surplus is
A) A.
B) A+B.
C) A+B+C.
D) A+B+D.

Name: Figure 7-2 -Refer to Figure 7-2.When the price is P1,consumer surplus is A) A. B) A+B. C) A+B+C. D) A+B+D.
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Question

Figure 7-2
 
-Refer to Figure 7-2.When the price is P1,consumer surplus is
A) A. 
B) A+B. 
C) A+B+C. 
D) A+B+D.

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. When the price is P1, consumers are willing to pay P2 for the good, so consumer surplus is A+B+C.

Figure 7-2 -Refer to Figure 7-2.When the Price Is P1,consumer Surplus Is