Final answer:
Consumer surplus is the area under the demand curve above the equilibrium price of a good.
Step-by-step explanation:
The area under the demand curve above the equilibrium price of a good is called consumer surplus. It represents the benefit that consumers receive from purchasing the good at a price lower than they were willing to pay. Consumer surplus can be calculated by finding the difference between what consumers were willing to pay for a certain quantity and the price they actually paid.