-In the diagram above,consumer surplus is represented by the area
A) BAF.
B) BCF.
C) 0AFE.
D) 0CFE.
E) AFC.

Name: -In the diagram above,consumer surplus is represented by the area A) BAF. B) BCF. C) 0AFE. D) 0CFE. E) AFC.
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Question

-In the diagram above,consumer surplus is represented by the area
A) BAF. 
B) BCF. 
C) 0AFE. 
D) 0CFE. 
E) AFC.

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. In the diagram, this is represented by the area above the equilibrium price (P*) and below the demand curve (D). This area is labeled BAF.

-In the Diagram Above,consumer Surplus Is Represented by the Area