Refer to Figure 7-1. When the price is P₁, consumer surplus is

A) A.
B) A+B.
C) A+B+C.
D) A+B+D.

Question

Refer to Figure 7-1. When the price is P 1 , consumer surplus isA) A.B) A+B.C) A+B+C.D) A+B+D.

Anthonie Gallego · Accepted Answer

Final Answer : C, Explanation :  Consumer surplus is the area above the price level and below the demand curve, so when the price is P 1 , consumer surplus includes areas A, B, and C.

Refer to Figure 7-1. When the price is P₁, consumer surplus is

A) A.
B) A+B.
C) A+B+C.
D) A+B+D.

Definitions

Learning Objectives

Learning Objectives

Related questions

Refer to Figure 7-1. When the price is P1, consumer surplus isA) A.B) A+B.C) A+B+C.D) A+B+D.

Definitions

Learning Objectives

Learning Objectives

Related questions

Refer to Figure 7-1. When the price is P₁, consumer surplus is

A) A.
B) A+B.
C) A+B+C.
D) A+B+D.