Graphically, consumer surplus is represented by:

Consumer surplus represents the difference between what consumers are willing to pay for a good or service, as shown by the demand curve, and what they actually pay, which is represented by the market price. Graphically, consumer surplus can be illustrated as the area below the demand curve and above the price level that consumers pay.

The demand curve illustrates the maximum price consumers would be willing to pay for each unit of the good. When the market price is set, the area between this price line and the demand curve up to the quantity sold represents the additional benefit that consumers receive, which is consumer surplus. This area effectively captures the extra value obtained by consumers who pay less than what they were willing to pay, thus highlighting the economic welfare gained from their purchases.

This understanding emphasizes the economic concept of consumer surplus as a measure of consumer welfare and market efficiency, illustrating how the equilibrium price reflects the balance between supply and demand.