Figure 7-3

-Refer to Figure 7-3.Which area represents consumer surplus at a price of P1?
A) ABD
B) ACG
C) BCDF
D) DFG

Name: Figure 7-3 -Refer to Figure 7-3.Which area represents consumer surplus at a price of P1? A) ABD B) ACG C) BCDF D) DFG
Brand: Quizplus
Rating: 4.8 (41 reviews)

Question

Figure 7-3
 
-Refer to Figure 7-3.Which area represents consumer surplus at a price of P1?
A) ABD 
B) ACG 
C) BCDF 
D) DFG

Quizplus · Accepted Answer

Consumer surplus is the area between the demand curve and the price level, up to the quantity demanded. At price P1, this is represented by the area ABD.

Figure 7-3 -Refer to Figure 7-3.Which Area Represents Consumer Surplus at a Consumer