Final answer:
The consumer surplus of a product with an equilibrium price of $550 is represented graphically above the demand curve, indicating the benefit to consumers from purchasing the product at a lower price than they are willing to pay.
Step-by-step explanation:
When the equilibrium price of a product is $550, the consumer surplus of this product will show graphically above the demand curve. This is because consumer surplus is defined as the difference between what consumers are willing to pay and what they actually pay. At the equilibrium price, consumers who would have been willing to pay a higher price obtain a surplus from the difference between their willingness to pay and the market price.
For instance, if at a price of $600, consumers were willing to purchase a product but are able to buy it at the equilibrium price of $550, they are receiving a surplus. The demand curve represents this by illustrating consumers' willingness to pay at various prices.
The area above the equilibrium price and below the demand curve represents the consumer surplus. It captures the benefit that consumers receive by being able to purchase the product for less than what they were willing to pay.