-In the above figure, if the market produces the efficient amount of purses, then consumer surplus equals triangle
A) abc.
B) bcd.
C) adc.
D) cgf.

Question

-In the above figure, if the market produces the efficient amount of purses, then consumer surplus equals triangle
A) abc. 
B) bcd. 
C) adc. 
D) cgf.

Quizplus · Accepted Answer

Consumer surplus is the difference between the price consumers are willing to pay for a good and the price they actually pay. In the diagram, the price consumers are willing to pay is given by the demand curve, and the price they actually pay is given by the supply curve. The consumer surplus is therefore the area below the demand curve and above the supply curve. In this case, the consumer surplus is equal to triangle abc.

-In the Above Figure, If the Market Produces the Efficient