Figure 9.1.2 -Refer to Figure 9.1.2 above. At price 0H and quantity Q1, consumer surplus is the area: A) EDGF. B) 0FGQ₁. C) HFGB. D) EFC. E) none of the above

Question

Quizplus · Accepted Answer

Consumer surplus is the area between the demand curve and the price level, up to the quantity demanded. At price 0H and quantity Q1, the consumer surplus is the area under the demand curve and above the price line, which is HFGB.

Figure 9.1.2 -Refer to Figure 9.1.2 Above. at Price 0H and Quantity