FIGURE 6-7
-Refer to Figure 6-7. Suppose that price is P0. The total value placed on all units of the commodity consumed is given by the area
A) under the demand curve to the left of Q0.
B) under the demand curve to the left of Q0, but above P0.
C) below P0 and to the left of Q0.
D) under the demand curve and above P0.
E) under the demand curve and to the right of Q0.

Question

FIGURE 6-7
-Refer to Figure 6-7. Suppose that price is P0. The total value placed on all units of the commodity consumed is given by the area
A) under the demand curve to the left of Q0. 
B) under the demand curve to the left of Q0, but above P0. 
C) below P0 and to the left of Q0. 
D) under the demand curve and above P0. 
E) under the demand curve and to the right of Q0.

Quizplus · Accepted Answer

The total value placed on all units of the commodity consumed is represented by the area under the demand curve to the left of Q0, which includes both consumer surplus and the total expenditure.

FIGURE 6-7 -Refer to Figure 6-7. Suppose That Price Is P0. the P0