Under autarky, consumer surplus is represented by the area
A)above the supply curve and below the equilibrium price.
B)above the supply curve and below the demand curve.
C)below the demand curve and above the equilibrium price.
D)above the demand curve and below the supply curve.

Question

Quizplus · Accepted Answer

Consumer surplus is the area below the demand curve and above the equilibrium price, representing the difference between what consumers are willing to pay and what they actually pay.

Under Autarky, Consumer Surplus Is Represented by the Area