(Transcript of audio with descriptions. Transcript includes narrator headings and description headings of the visual content)
(Speaker)
For part B, are are asked to find the consumer surplus under the perfectly competitive industry.
(Description)
The graph from the slide 1 is shown.
The following text is written above the graph:
Which area reflects consumer surplus under perfect competition?
(Speaker)
We know the firms will supply S units at a price of E dollars. Consumer surplus is the difference between the price consumers are willing to pay the price they actually pay. Using our graph, consumer surplus is the highlighted area, A, R, E.
(Description)
The corresponding area on the graph, A, R, E, is shaded. It is labeled as Consumer surplus equals the area A, R, E.