Using the supply and demand graph below, identify the areas of consumer surplus and producer surplus. Instructions: Use the tool provided 'CS' to identify the area of consumer surplus. This will drop...

Question 9


Extracted text: Using the supply and demand graph below, identify the areas of consumer surplus and producer surplus. Instructions: Use the tool provided 'CS' to identify the area of consumer surplus. This will drop a small triangle with three endpoints onto the graph. Drag the endpoints to the appropriate positions to identify the area of consumer surplus. Then, use the tool provided 'PS' and follow the same process for producer surplus. Tools Supply CS PS Demand Quantity Price


Extracted text: Supply CS PS Demand Quantity Given the demand curve, how will an increase in supply affect the amount of consumer surplus shown in the diagram? Consumer surplus will remain constant v Price