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

question 98

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 Q1,and the price were still equal to its free- market level,the loss in producer surplus relative to the competitive equilibrium would be illustrated by area

• A)P1P3E.
• B)2.
• C)1.
• D)1 + 2.
• E)P3P2E.

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