equilibrium quantity is 28 million. To see the benefits to consumers, look at the segment of the demand curve

above the equilibrium point and to the left. This portion of the demand curve shows that at least some

demanders would have been willing to pay more than $80 for a tablet.

For example, point J shows that if the price were $90, 20 million tablets would be sold. Those consumers who

would have been willing to pay $90 for a tablet based on the utility they expect to receive from it, but who were

able to pay the equilibrium price of $80, clearly received a benefit beyond what they had to pay. Remember, the

demand curve traces consumers’ willingness to pay for different quantities. The amount that individuals

would have been willing to pay, minus the amount that they actually paid, is called consumer surplus.

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