Use the following figure to answer the questions : Figure 10-2 :shows the intersection of demand and supply at the price P 2 and quantity Q 2 in a competitive market.
-Refer to Figure 10-2.What is the consumer surplus at the equilibrium level of output?
A)a + b + f + g + h
B)a + b + c + d
C)a + b + c + f + g
D)a + b + c

Question

Use the following figure to answer the questions : Figure 10-2 :shows the intersection of demand and supply at the price P 2 and quantity Q 2 in a competitive market.  
-Refer to Figure 10-2.What is the consumer surplus at the equilibrium level of output?
A)a + b + f + g + h 
B)a + b + c + d 
C)a + b + c + f + g 
D)a + b + c

Quizplus · Accepted Answer

Consumer surplus is the area above the price level and below the demand curve up to the equilibrium quantity. In this case, it includes areas a, b, and c.

Use the Following Figure to Answer the Questions : Figure