Answer :
When gas prices increase drastically in the summer of 2022, assuming the demand function remains unchanged, the consumer surplus and total benefit will decrease. This can be illustrated on a graph by showing a decrease in consumer surplus and a decrease in the area representing total benefit.
In a graph depicting the demand and supply curves for gas, with quantity on the x-axis and price on the y-axis, the demand curve represents the willingness of consumers to purchase gas at different prices. If the demand function remains unchanged, the curve will stay in the same position.
When gas prices increase, the equilibrium price on the graph will shift to a higher level. As a result, the consumer surplus, which represents the difference between what consumers are willing to pay and what they actually pay, decreases. The area between the demand curve and the price line above the equilibrium quantity becomes smaller, indicating a decrease in consumer surplus.
Similarly, the total benefit, which is the sum of consumer surplus and producer surplus, will also decrease. The increase in gas prices reduces consumer welfare and overall benefit, as consumers have to pay more for the same quantity of gas.
Therefore, on the graph, the consumer surplus and total benefit will both decrease as gas prices increase, assuming the demand function remains unchanged.
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