Figure 3-17.
-Refer to Figure 3-17. When the price rises from P₁ to P₂, consumer surplus

Name: Figure 3-17. -Refer to Figure 3-17. When the price rises from P 1 to P 2 , consumer surplus
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Question

Figure 3-17. -Refer to Figure 3-17. When the price rises from P₁ to P₂, consumer surplus

Quizplus · Accepted Answer

When the price rises from P1 to P2, the consumer surplus decreases by the area that was previously under the demand curve and above the new price level, which is represented by the area B + C.

Figure 3-17. -Refer to Figure 3-17. When the Price Rises from P1

Figure 3-17. -Refer to Figure 3-17. When the Price Rises from P₁