Figure 7-15

-Refer to Figure 7-15.At the equilibrium price,consumer surplus is
A) $150.
B) $200.
C) $250.
D) $350.

Question

Figure 7-15
 
-Refer to Figure 7-15.At the equilibrium price,consumer surplus is
A) $150. 
B) $200. 
C) $250. 
D) $350.

Quizplus · Accepted Answer

Consumer surplus is the difference between the price consumers are willing to pay for a good and the price they actually pay. In this case, the equilibrium price is $200, and consumers are willing to pay up to $350 for the good. Therefore, consumer surplus is $350 - $200 = $150.

Figure 7-15 -Refer to Figure 7-15.At the Equilibrium Price,consumer Surplus Is