Exhibit 7-11
-Refer to Exhibit 7-11. The consumer surplus after the price ceiling is area

Question

​Exhibit 7-11 
-Refer to Exhibit 7-11. The consumer surplus after the price ceiling is area

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 this case, the price ceiling is below the equilibrium price, so consumers are willing to pay more for the good than they are actually paying. The area that represents this difference is a + b + d.

​Exhibit 7-11 -Refer to Exhibit 7-11. the Consumer Surplus After the Price

Exhibit 7-11 -Refer to Exhibit 7-11. the Consumer Surplus After the Price