-Refer to the diagram above.If this country opens up to international trade in shoes at the world price,then consumer surplus in equilibrium is equal to ____________________ per year.

Question

Quizplus · Accepted Answer

Consumer surplus in equilibrium is equal to the area below the demand curve and above the world price line. In this case, the area is a triangle with a base of 500 units and a height of $5. Therefore, the consumer surplus is $2500 per year.

-Refer to the Diagram Above