The diagram below shows the demand and supply curves in a perfectly competitive market.
FIGURE 12-5
-Refer to Figure 12-5. At the free-market equilibrium, consumer surplus is represented by the area
A) P2P3E.
B) P1P2E.
C) P1P3E.
D) 1 + 2.
E) 1 + 2 + 3 + 4.

Question

The diagram below shows the demand and supply curves in a perfectly competitive market.
  FIGURE 12-5
-Refer to Figure 12-5. At the free-market equilibrium, consumer surplus is represented by the area
A) P2P3E. 
B) P1P2E. 
C) P1P3E. 
D) 1 + 2. 
E) 1 + 2 + 3 + 4.

Quizplus · Accepted Answer

The Answer of The diagram below shows the demand and supply curves in a perfectly competitive market.
  FIGURE 12-5
-Refer to Figure 12-5. At the free-market equilibrium, consumer surplus is represented by the area
A) P2P3E. 
B) P1P2E. 
C) P1P3E. 
D) 1 + 2. 
E) 1 + 2 + 3 + 4.

The Diagram Below Shows the Demand and Supply Curves in a Perfectly