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.

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.

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.

Assume that demand is perfectly elastic and supply is upward sloping. If a specific tax is imposed on sellers then following the imposition of the tax:Group of answer choicesProducer surplus is equal to zero.Consumer surplus is equal to zero.The total price paid by buyers will increase.The price received and kept by sellers remains unchanged.b, c and d are correct.

Another way to describe consumer surplus is