On a graph of a demand curve, total consumer surplus equals:
A) the demand curve.
B) the area above the demand curve and beneath the market price.
C) the area beneath the demand curve and above the market price.
D) the market price.

Question

Quizplus · Accepted Answer

Consumer surplus is the area beneath the demand curve and above the market price, representing the difference between what consumers are willing to pay and what they actually pay.

On a Graph of a Demand Curve, Total Consumer Surplus