NARRBEGIN: Exhibit 6-11
Exhibit 6-11

-When the price is P in Exhibit 6-11, the shaded area represents

Question

NARRBEGIN: Exhibit 6-11
Exhibit 6-11
 
-When the price is P in Exhibit 6-11, the shaded area represents

Quizplus · Accepted Answer

The shaded area in Exhibit 6-11 represents the consumer surplus, which is the difference between what consumers are willing to pay (based on their demand) and the actual market price. This area represents the benefit that consumers receive from being able to purchase the product at a price lower than what they were willing to pay. Therefore, the best choice is (D) - consumer surplus.

NARRBEGIN: Exhibit 6-11 Exhibit 6-11