We can measure the total consumer surplus for good X as the:
A) sum of the individual consumer surpluses for all buyers of X.
B) area above the demand curve for X and below the price paid for X.
C) area bounded by the demand curve for X and the two axes.
D) area above the supply curve for X.

Question

Quizplus · Accepted Answer

Consumer surplus is the sum of the individual consumer surpluses for all buyers of a good, which is represented by the area above the price and below the demand curve.

We Can Measure the Total Consumer Surplus for Good X