Figure 7-1
-Refer to Figure 7-1.When the price is P2,consumer surplus is

Name: Figure 7-1 -Refer to Figure 7-1.When the price is P2,consumer surplus is
Brand: Quizplus
Rating: 4.8 (51 reviews)

Question

Figure 7-1 
-Refer to Figure 7-1.When the price is P2,consumer surplus is

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 Figure 7-1, when the price is P2, the consumer surplus is the area below the demand curve and above the price line, which is area A.

Figure 7-1 -Refer to Figure 7-1.When the Price Is P2,consumer Surplus Is