Consumer surplus is the area labeled F—that is, the area above the market price and below the demand curve.

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3.5 • Demand, Supply, and Efficiency 75

FIGURE 3.23 Consumer and Producer Surplus The somewhat triangular area labeled by F shows the area of

consumer surplus, which shows that the equilibrium price in the market was less than what many of the consumers

were willing to pay. Point J on the demand curve shows that, even at the price of $90, consumers would have been

willing to purchase a quantity of 20 million. The somewhat triangular area labeled by G shows the area of producer

surplus, which shows that the equilibrium price received in the market was more than what many of the producers

were willing to accept for their products. For example, point K on the supply curve shows that at a price of $45, firms

would have been willing to supply a quantity of 14 million.
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