Which of the following are correct statements about consumer surplus?
(A) Consumer surplus is the difference between the price a consumer is willing to pay and the actual price paid.
(B) Consumer surplus is always positive in perfectly competitive markets.
(C) Consumer surplus is represented by the area between the demand curve and the price level.
(D) A rise in price decreases consumer surplus.
(E) Consumer surplus increases as the quantity of goods purchased increases.
1
(A), (C), and (D) only
2
(B), (D), and (E) only
3
(B), (C), and (D) only
4
(A), (C), and (E) only