Figure 5-2 -In Figure 5-2, Consumer Surplus Is Measured by the Area

question 116

Multiple Choice

Figure 5-2

-In Figure 5-2, consumer surplus is measured by the area

• A)ABC.
• B)OBCD.
• C)OACD.
• D)DCE.

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Definitions:

Increase

An upward movement in quantity, price, or value.

Increase in Supply

A situation where the quantity of a good or service that producers are willing to supply at a given price rises.

Increase in Demand

A situation where consumers are willing and able to purchase more of a good or service at each possible price, often depicted by a rightward shift in the demand curve.

Decrease

A reduction in size, number, value, or extent.