-Refer to Exhibit 4-8

question 19

Multiple Choice

-Refer to Exhibit 4-8.Suppose that wheat producers lobby the government for a price floor and receive one.This price floor is set at P_F.What is the change in the total surplus at the price floor,compared to at the equilibrium price?

• A) There was a gain in total surplus equal to (area 1 + 2 + 3)
• B) There was a gain in total surplus equal to (area 1 + 2 + 3 + 4 + 5)
• C) There was a loss in total surplus equal to (area 4 + 5)
• D) There was a loss in total surplus equal to (area 4 + 5 + 6 )

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