Question

Refer to Figure 1. When the price is P2, consumer surplus is

Answer 1

Consumer surplus refers to the difference between what consumers are willing to pay for a product or service and what they actually pay. In Figure 1, consumer surplus can be calculated by finding the area below the demand curve (D) and above the price (P2).

Unfortunately, without a visual representation of Figure 1 or additional information about the demand curve and other relevant factors, it is not possible to determine the exact consumer surplus when the price is P2.