Question 1
What does consumer surplus measure?
Question 2
On a demand curve, consumer surplus is the area between which two elements?
Question 3
If a consumer is willing to pay $15$ for a product but buys it for $12$, what is the consumer surplus?
Question 4
What happens to consumer surplus when the market price falls, assuming demand stays the same?
Question 5
Which statement best describes a market with a very elastic demand curve?
