NCEA Level 3 Economics Practice Questions - NCEA Level 3 Economics (NZQA) Exam

What does consumer surplus represent on a microeconomic market graph?

The area between the demand curve and the market price line The area between the supply curve and the market price line The total revenue earned by firms minus production costs The area of deadweight loss caused by indirect taxes

Correct Answer:

The area between the demand curve and the market price line

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