Total Consumer Surplus in a Market Is Measured as the

question 95

Multiple Choice

Total consumer surplus in a market is measured as the

• A) area bounded above the market clearing price and beneath the market demand curve.
• B) area bounded below the market clearing price and above the market supply curve.
• C) vertical distance from the horizontal (quantity) axis to the market clearing price.
• D) horizontal distance from the vertical (price) axis to the equilibrium quantity.

---

Definitions:

Accounting Period

A specific time period at the end of which an organization prepares financial statements, commonly a year, quarter, or month.

Adjust

To make modifications to records, accounts, or systems to correct discrepancies or align them with actual conditions.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded on an asset since its purchase.

Depreciation Expense

The systematic allocation of the cost of a tangible asset over its useful life, representing wear and tear, decay, or obsolescence.