Use the following to answer questions
Figure: Determining Surplus 2
-(Figure: Determining Surplus 2)In the graph,consumer surplus is $15.

Question

Use the following to answer questions 
Figure: Determining Surplus 2 
-(Figure: Determining Surplus 2)In the graph,consumer surplus is $15.

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 the graph, the price consumers are willing to pay is represented by the demand curve, and the price they actually pay is represented by the equilibrium price. The consumer surplus is the area below the demand curve and above the equilibrium price. In this case, the consumer surplus is $15.

Use the Following to Answer Questions