Asked by
Johana Cortez
on Nov 30, 2024
Verified
Given the demand curve in this graph,if price were $2.00,how much is consumer surplus?
A) $0
B) $1.50
C) $5.00
D) $10.50
Consumer Surplus
The difference between what consumers are willing to pay for a good or service relative to its market price, representing the economic benefit to consumers.
Demand Curve
A visual depiction that illustrates the correlation between a product's price and the amount consumers want to buy.
- Decode the information presented in demand curves and ascertain the consumer surplus depicted in graphical formats.
- Master the theory of consumer surplus and the approach to its calculation in assorted situations.
Verified Answer
TM
Learning Objectives
- Decode the information presented in demand curves and ascertain the consumer surplus depicted in graphical formats.
- Master the theory of consumer surplus and the approach to its calculation in assorted situations.