Figure 7-9

-Refer to Figure 7-9.At the equilibrium price,consumer surplus is
A)$480.
B)$640.
C)$1,120.
D)$1,280.

Name: Figure 7-9 -Refer to Figure 7-9.At the equilibrium price,consumer surplus is A)$480. B)$640. C)$1,120. D)$1,280.
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Question

Figure 7-9
 
-Refer to Figure 7-9.At the equilibrium price,consumer surplus is
A)$480. 
B)$640. 
C)$1,120. 
D)$1,280.

Quizplus · Accepted Answer

Consumer surplus is the area above the equilibrium price and below the demand curve. In this case, it is calculated as the area of a triangle with a base of 80 units and a height of $12, resulting in a consumer surplus of $480.

Figure 7-9 -Refer to Figure 7-9.At the Equilibrium Price,consumer Surplus Is