The Diagram Below Shows the Demand and Supply Curves in a Perfectly

question 33

Multiple Choice

The diagram below shows the demand and supply curves in a perfectly competitive market.
FIGURE 12-5
-Refer to Figure 12-5. If output in this market were Q3, the loss in total economic surplus relative to the competitive equilibrium would be illustrated by area

• A) 1.
• B) 2.
• C) 3.
• D) 4.
• E) 3 + 4.

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Definitions:

Formalism

Strict adherence to, or dependence on, stylized shapes and methods of composition. An emphasis on an artwork’s visual elements rather than its subject.

Art Critic

An individual who evaluates and discusses the merits, faults, and value of artworks, often publishing their analyses in magazines, newspapers, or online platforms.

Art Brut

French, “Crude Art.” The mid-20th-century art movement led by Jean Dubuffet that rejected the conventions of traditional art in favor of the untaught art of children and the mentally ill.

Expressionist Artist

An artist associated with expressionism, an art movement that emphasizes the expression of emotional experience over physical reality.