Question

What is consumer deficit with graphical illustrations

Answer 1

Consumer surplus happens when the price that consumers pay for a product or service is less than the price they're willing to pay. ... A consumer surplus occurs when the consumer is willing to pay more for a given product than the current market price.

Answer 2

Consumer surplus and economic welfare. ... Consumer surplus is shown by the area under the demand curve and above the price. ... Consumer surplus and price elasticity of demand.