Refer to the information provided in Figure 13.9 below to answer the question(s) that follow. Figure 13.9
-Refer to Figure 13.9. The amount of ________ under monopoly equals area GAB.
A) welfare loss
B) consumer surplus
C) social gain
D) producer surplus

Question

Refer to the information provided in Figure 13.9 below to answer the question(s) that follow.  Figure 13.9
-Refer to Figure 13.9. The amount of ________ under monopoly equals area GAB.
A) welfare loss 
B) consumer surplus 
C) social gain 
D) producer surplus

Quizplus · Accepted Answer

In a monopoly, the area GAB represents the consumer surplus, which is the difference between what consumers are willing to pay and what they actually pay.

Refer to the Information Provided in Figure 13