Refer to the graph shown. If consumers had to pay $7.50 per unit for this product instead of $5.00 per unit (because of a price floor or a shift in supply), consumer surplus would fall from:
A) 2,000 to 500.
B) 1,000 to 500.
C) 1,000 to 250.
D) 500 to 250.

Question

Refer to the graph shown. If consumers had to pay $7.50 per unit for this product instead of $5.00 per unit (because of a price floor or a shift in supply), consumer surplus would fall from: 
A) 2,000 to 500. 
B) 1,000 to 500. 
C) 1,000 to 250. 
D) 500 to 250.

Quizplus · Accepted Answer

The Answer of Refer to the graph shown. If consumers had to pay $7.50 per unit for this product instead of $5.00 per unit (because of a price floor or a shift in supply), consumer surplus would fall from: 
A) 2,000 to 500. 
B) 1,000 to 500. 
C) 1,000 to 250. 
D) 500 to 250.

Refer to the Graph Shown