Economics Homework Help
28) Refer to Figure 12-5. If output in this
28) Refer to Figure 12-5. If output in this
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market were Q3, and the price were still P2, the loss in consumer surplus relative to the competitive equilibrium would be illustrated by area
A)1.
B)2.
C)3.
D)4.
E)3+4.
The diagram below shows the demand and supply curves in a perfectly competitive market.P 3Supply = MCPriceCompetitiveMarket PriceP2PDemand = MB0QuantityFIGURE 12-528) Refer to Figure 12-5. If output in this market were Of, and the price were still P2, the loss in consumer surplusrelative to the competitive equilibrium would be illustrated by areaA) 1.B) 2.C) 3.D) 4.E) 3 + 4.
