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

question 111

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 Q_3,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.