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

question 99

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, and the price were still P2, the loss in consumer surplus relative to the competitive equilibrium would be illustrated by area

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

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