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AP® Microeconomics

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Consumer Surplus: Gasoline

APMICR-BRGYME

Based on the above graph, what would happen to equilibrium price, equilibrium quantity, and consumer surplus if the price of oil, a necessary resource for gasoline, increased?

A

Price would increase, quantity would decrease, and consumer surplus would increase.

B

Price would decrease, quantity would decrease, and consumer surplus would decrease.

C

Price would increase, quantity would increase, and consumer surplus would increase.

D

Price would decrease, quantity would increase, and consumer surplus would increase.

E

Price would increase, quantity would decrease, and consumer surplus would decrease.