Consumer surplus in a market for a product would be equal to ________ if the market price was zero.Group of answer choiceszerothe area between the supply curve and the demand curvethe area above the supply curvethe area under the demand curve

Consumer surplus is the area the demand curve and the price.

Which statement is true? Group of answer choicesConsumer surplus is the benefit a consumer receives from consuming a product, net of the price they have to pay for it.Consumer surplus is the area underneath the demand curve above the price line.Consumer surplus is the area underneath the price line above the demand curve.a and b.None of the above.

Producer surplus: Group of answer choicesIs the area under the supply curve above the price line.Is the price a firm receives for a good minus its marginal cost of production, for every unit it sells.Is the firm’s marginal cost minus the price it receives for selling the good for every unit sold.The area between the MB and MC curves.None of the above.

Consumer surplus is represented by the area:below the market price and below the demand curve.above the market price and above the demand curve.below the market price and above the demand curve.above the market price and below the demand curve.

Suppose a monopolist faces a per period demand curve having the form: P = 11 – 0.005Q. Her total cost function is given by: TC = 0.5Q. This monopolist is able to practice second degree price discrimination, by selling off batches of her product along the demand curve. She chooses two prices: $9 per unit and $5 per unit. What is the consumer surplus in each period? Group of answer choicesConsumer Surplus = $4,000.Consumer Surplus = $2,400.Consumer Surplus = $1,600.Consumer Surplus = $2,800.Consumer Surplus = $2,000.