FIGURE 6-1

-Refer to Figure 6-1. What area identifies the consumer surplus created when the market price equals P₂?
A) area A
B) area C + D + F
C) area B + E
D) area A + B + E

Question

FIGURE 6-1
 
-Refer to Figure 6-1. What area identifies the consumer surplus created when the market price equals P₂?
A) area A 
B) area C + D + F 
C) area B + E 
D) area A + B + E

Quizplus · Accepted Answer

Consumer surplus is the area above the market price and below the demand curve, so when the market price is P₂, the consumer surplus is represented by areas A, B, and E combined.

FIGURE 6-1 -Refer to Figure 6-1. What Area Identifies the Consumer Surplus