Figure 7-2

-Refer to Figure 7-2.Which area represents consumer surplus at a price of P₁?
A)ABD
B)ACF
C)BCDE
D)DEF

Name: Figure 7-2 -Refer to Figure 7-2.Which area represents consumer surplus at a price of P₁? A)ABD B)ACF C)BCDE D)DEF
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Question

Figure 7-2
 
-Refer to Figure 7-2.Which area represents consumer surplus at a price of P₁?
A)ABD 
B)ACF 
C)BCDE 
D)DEF

Quizplus · Accepted Answer

Consumer surplus is the area below the demand curve and above the market price. At a price of P₁, the consumer surplus would be represented by the area ABD.

Figure 7-2 -Refer to Figure 7-2.Which Area Represents Consumer Surplus at a Consumer