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Janela Castillo
on Oct 26, 2024

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Consumer surplus is represented by the area _____ the demand curve and _____ the price that the consumer pays.

A) above;below
B) above;above
C) below;above
D) below;below

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, indicating the benefit to consumers.

Demand Curve

The Demand Curve is a graph showing the relationship between the price of a good and the quantity of that good that consumers are willing to purchase at each price level.

  • Attain familiarity with the concept of consumer surplus and the approach for calculating it.
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layana haklaOct 30, 2024
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