Exhibit 6-13
-When the price is P in Exhibit 6-13, the shaded area represents
A) a shortage
B) producer surplus
C) a price floor
D) consumer surplus
E) a price ceiling

Question

Exhibit 6-13 
-When the price is P in Exhibit 6-13, the shaded area represents
A) a shortage 
B) producer surplus 
C) a price floor 
D) consumer surplus 
E) a price ceiling

Quizplus · Accepted Answer

The shaded area represents consumer surplus, which is the difference between the maximum amount consumers are willing to pay for a product and the actual price they pay. It represents the value consumers receive from purchasing the product at the given price.

Exhibit 6-13 -When the Price Is P in Exhibit 6-13, the Shaded