In the following graph, MR and AR represent the marginal revenue and average revenue curves of a monopoly ﬁrm respectively. MC represents the marginal cost curve of the ﬁrm. Refer to the ﬁgure to answer the question. When the price in the market is P2, consumer surplus is equal to the area _____.

Question

In the following graph, MR and AR represent the marginal revenue and average revenue curves of a monopoly ﬁrm respectively. MC represents the marginal cost curve of the ﬁrm. Refer to the ﬁgure to answer the question.  When the price in the market is P2, consumer surplus is equal to the area _____.

Quizplus · Accepted Answer

The Answer of In the following graph, MR and AR represent the marginal revenue and average revenue curves of a monopoly ﬁrm respectively. MC represents the marginal cost curve of the ﬁrm. Refer to the ﬁgure to answer the question.  When the price in the market is P2, consumer surplus is equal to the area _____.

In the Following Graph, MR and AR Represent the Marginal