In a Figure,the Consumer Surplus Is Equal to the Area

question 79

Multiple Choice

In a figure,the consumer surplus is equal to the area ________ the ________ curve and ________ the price.

• A) above; demand; above
• B) below; supply; below
• C) below; demand; below
• D) below; demand; above
• E) above; supply; below

---

Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) for international use.

Deferred Taxes

Taxes that are incurred in one period but are not paid until a future period, often due to timing differences between accounting and tax reporting.

Taxable Entity

A business or individual that is required to pay taxes to a federal, state, or local government.

Permanent Difference

These are differences between taxable income and accounting income that originate in one period and do not reverse over time, affecting taxable income and tax liability.