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Figure: Determining Surplus and Loss
-(Figure: Determining Surplus and Loss)In the graph,consumer surplus is _____ in equilibrium and _____ at a price of $12.

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Figure: Determining Surplus and Loss 
-(Figure: Determining Surplus and Loss)In the graph,consumer surplus is _____ in equilibrium and _____ at a price of $12.

Quizplus · Accepted Answer

Consumer surplus is the area above the price level and below the demand curve. In equilibrium, it is $160, and at a price of $12, it decreases to $40.

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