The following figure illustrates the market demand curve for wine.

-Refer to the figure above.What is the market-wide consumer surplus when the market price of wine is $9 per bottle?
A) $180,000
B) $90,000
C) $60,000
D) $210,000

Question

The following figure illustrates the market demand curve for wine.
 
-Refer to the figure above.What is the market-wide consumer surplus when the market price of wine is $9 per bottle?
A) $180,000 
B) $90,000 
C) $60,000 
D) $210,000

Quizplus · Accepted Answer

Consumer surplus is the area above the price level and below the demand curve. If the market price is $9, the consumer surplus can be calculated using the area of the triangle formed by the demand curve and the price line.

The Following Figure Illustrates the Market Demand Curve for Wine