Exhibit 6.6

-Refer to Exhibit 6.6,which shows the market demand schedule for a good.When the price of the good is P,the shaded area represents _____

Question

Exhibit 6.6
 
-Refer to Exhibit 6.6,which shows the market demand schedule for a good.When the price of the good is P,the shaded area represents _____

Quizplus · Accepted Answer

The shaded area represents consumer surplus, which is the difference between the price consumers are willing to pay for a good and the actual price they pay. It is the additional benefit that consumers receive from paying a price that is lower than what they are willing to pay.

Exhibit 6.6 -Refer to Exhibit 6.6,which Shows the Market Demand Schedule for Market