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Use the following to answer questions 9-13: Figure: Consumer Surplus II 9. (Figure: Consumer Surplus II) At a price of P 1 , consumer surplus
Use the following to answer questions 9-13:
Figure: Consumer Surplus II
9. | (Figure: Consumer Surplus II) At a price ofP1, consumer surplus equals the area: | |
A) | ABP2. | |
B) | AFP1. | |
C) | AQ30. | |
D) | P1P2BF. |
10. | (Figure: Consumer Surplus II) At a price ofP2, consumer surplus equals the area: | |
A) | ABP2. | |
B) | AFP1. | |
C) | AQ30. | |
D) | P1P2BF. |
11. | (Figure: Consumer Surplus II) If the good is free, consumer surplus equals the area: | |
A) | ABP2. | |
B) | AFP1. | |
C) | BGF. | |
D) | AQ30. |
12. | (Figure: Consumer Surplus II) If the price falls fromP2 toP1, consumer surplus increases by the area: | |
A) | ABP2. | |
B) | AFP1. | |
C) | BGF. | |
D) | P1P2BF. |
13. | (Figure: Consumer Surplus II) If the price rises fromP1 toP2, consumer surplus decreases by the area: | |
A) | ABP2. | |
B) | AFP1. | |
C) | BGF. | |
D) | P1P2BF. |
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