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:

Fovea

A small depression in the retina of the eye where visual acuity is highest due to the concentration of cones.

Peripheral Vision

The part of vision that occurs outside the very center of gaze, allowing for the detection of stimuli through the sides of the eyes.

Color Vision Deficiency

A condition where an individual's ability to see or distinguish colors is impaired or reduced.

Cones

Photoreceptor cells in the retina of the eye that function best in relatively bright light and enable the perception of color.