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 the figure above maintains its set price of P0, rather than dropping price to P1, the welfare loss to society due to this decision is
Definitions:
Conscious Mind
The aspect of the mind that is aware of thoughts, feelings, and surroundings at any given moment, enabling conscious decision-making.
Ideas
Ideas are conceptual thoughts, imaginations, or propositions that arise in the mind as a result of mental activity.
Determining Factor
A critical element or condition that affects the outcome or development of a process or event.
Unconscious Mind
A part of the mind that houses desires, memories, and information that are not within a person's conscious awareness, greatly influencing feelings and behaviors.
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