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-Refer to the graph of an agricultural product.Without the price support consumer surplus is represented by the area of

Question

Use the graph below to answer questions -Refer to the graph of an agricultural product.Without the price support consumer surplus is represented by the area of A)P₀FA B)P₁FB C)GP₀A D)P₁BHG

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Consumer surplus is the difference between the price consumers are willing to pay for a good and the price they actually pay. In the graph, the price consumers are willing to pay is represented by the demand curve, and the price they actually pay is represented by the equilibrium price, P₀. The area below the demand curve and above the equilibrium price represents the consumer surplus. This area is represented by the triangle P₀FA.

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