In Figure 17-4,below,initial demand,marginal cost,and marginal revenue curves (none of them shown) caused the firm to produce the profit-maximizing quantity Y₀ at a price of P₀.Now the demand and marginal cost curves have moved to those shown,with the marginal revenue curve running through point L.
Figure 17-4
-If the firm in Figure 17-4 above maintains its set price of P₀,rather than dropping price to P₁,the loss of consumer surplus due to this decision is
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