Theory #1: Earhart ran out of fuel, crashed and perished in the Pacific Ocean. This is one of the most generally accepted versions of the famous aviatorâs disappearance. Many experts believe Earhart and navigator Fred Noonan got slightly off course en route to a refueling stop at Howland Island in the Pacific Ocean. Earhart radioed U.S. Coast Guard ships stationed in the area, reporting that neither she nor Noonan could spot the tiny island where they were supposed to land.
Definition: Consumer surplus is defined as the difference between the consumers' willingness to pay for a commodity and the actual price paid by them, or the equilibrium price. Description: Total social surplus is composed of consumer surplus and producer surplus.
Consumer surplus. A. is closely related to the supply curve for a product. B. is represented by a rectangle on a supply-demand graph when the demand curve is a straight, downward-sloping line. C. is measured using the demand curve for a product. D. does not reflect economic well-being in most markets.