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

question 56

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, the total loss in economic surplus relative to the competitive equilibrium would be illustrated by area

• A) P1P3E.
• B) 1 + 2 + 3 + 4.
• C) 1.
• D) 2.
• E) 1 + 2.

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