Figure 7-4
Refer to Figure 7-4. When the price falls from P1
to P2, which area represents the increase in consumer surplus to
new buyers entering the market?
Group of answer choices
AFG
ABC
BDF
BCGD
Answer
Consumer surplus is the area above price and below the demand
curve, so the decrease in price increases consumer surplus between
the two prices and the two quantities
so it is BCA
Option 2
Figure 7-4 Refer to Figure 7-4. When the price falls from P1 to P2, which...
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