Which area represents consumer surplus in a market graph?

Show Answers

The region beneath the demand curve and above the market price.The section above the supply curve and below the market price.The area above the demand curve and beneath the market price.The portion below the supply curve and over the market price.The space below the demand curve and above the supply curve.

Explanation

Consumer surplus is the area under the demand curve but above the price level, reflecting the difference between what consumers are willing to pay and what they actually pay.