File:Consumer and Producer Surplus.jpg

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English: The somewhat triangular area labeled by F shows the area of consumer surplus, which shows that the equilibrium price in the market was less than what many of the consumers were willing to pay. Point J on the demand curve shows that, even at the price of $90, consumers would have been willing to purchase a quantity of 20 million. The somewhat triangular area labeled by G shows the area of producer surplus, which shows that the equilibrium price received in the market was more than what many of the producers were willing to accept for their products. For example, point K on the supply curve shows that at a price of $45, firms would have been willing to supply a quantity of 14 million.
Date
Source https://openstax.org/details/books/principles-microeconomics (CNX_Econ_C03_015.jpg)
Author OpenStax College

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9 January 2014

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current02:57, 21 September 2017Thumbnail for version as of 02:57, 21 September 2017370 × 340 (70 KB)Dave BraunschweigUser created page with UploadWizard

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