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On a graph, consumer surplus is the area above the equilibrium price and below the demand curve.

CroweN6459

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On a graph, consumer surplus is the area above the equilibrium price and below the demand curve.

Question 1.

When there is underproduction in a market

▸ market price is too high.

▸ there is excess quantity supplied.

▸ the total of consumer and producer surplus is maximized.

▸ there is a deadweight loss.

Question 2.

On a graph, consumer surplus is the area above the equilibrium price and below the demand curve.

▸ true

▸ false

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

Read 98 times

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kiyomika

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