In the standard adjoining diagram, the measure of consumer surplus is 
The concept of consumer surplus is integral to understanding consumer behavior in economics. It represents the difference between what consumers are willing to pay for a good or service and what they actually pay. Graphically, consumer surplus is the area between the demand curve and the price level, up to the quantity consumed.
In the given diagram, let us analyze and identify the area representing consumer surplus:
This area is correctly marked as AB in the diagram provided. Therefore, the measure of consumer surplus in this standard diagram is the area AB.
Conclusion: The correct answer is \(AB\), as it represents the area of consumer surplus in the provided economic graph.
Which of the following statement is correct?
I. Indifference curves are sloping from left to right.
II. Higher indifference curve gives a higher level of utility.
If in a production process, all inputs are tripled, which of the following statements follows?
I. If the output is tripled, then decreasing returns to scale apply.
II. When the output is doubled, constant returns to scale apply.
III. If the output is more than tripled, then increasing returns to scale apply.
When it is not possible to make someone good without harming someone, then such a situation is called
According to Ricardo what condition is necessary to make possible international trade between two countries?
Match List I with List II:
List- I Shape of revenue curve of the firm | List – II Market structure | ||
A. | Kinked revenue-curve | (I) | Monopolistic competition |
B. | Infinitely elastic straight line curve | (II) | Perfect competition |
C. | Relatively less elastic curve | (III) | Oligopoly |
D. | Relatively high elastic curve | (IV) | Monopoly. |