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

question 1

Multiple Choice

The diagram below shows the demand and supply curves in a perfectly competitive market. FIGURE 12- 5
-Refer to Figure 12- 5. In the free- market equilibrium, producer plus consumer surplus is maximized and is illustrated by the area

• A) 1 + 2 + 3 + 4.
• B) P1P3E.
• C) 1 + 2.
• D) P1P2E.
• E) P3P2E.

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