Exhibit 7-6 
-Refer to Exhibit 7-6. If the market is in equilibrium and then the government imposes a price ceiling equal to P3, buyers lose consumer surplus equal to area ____, but gain consumer surplus equal to area ____.
Definitions:
Activity-based Costing
An accounting method that assigns costs to products or services based on the resources they consume.
Activity-based Costing
A method of accounting where costs are assigned to products or services based on the activities needed for their production.
Activity-based Costing
A costing methodology that assigns overhead and indirect costs to related products and services based on the actual consumption of each activity.
Manufacturing Overhead
All indirect costs associated with the production process, including costs of materials, utilities, and maintenance that are not directly associated with the manufacturing of a specific product.
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