Online Learning
CLICK HERE TO ORDER YOUR ASSIGNMENT

28) Refer to Figure 125 If output in this

Question

28) Refer to Figure 12-5. If output in this

market were Q3, and the price were still P2, the loss in consumer surplus relative to the competitive equilibrium would be illustrated by area

A)1.

B)2.

C)3.

D)4.

E)3+4.

The diagram below shows the demand and supply curves in a perfectly competitive market.
P 3
Supply = MC
Price
Competitive
Market Price
P2
P
Demand = MB
0
Quantity
FIGURE 12-5
28) Refer to Figure 12-5. If output in this market were Of, and the price were still P2, the loss in consumer surplus
relative to the competitive equilibrium would be illustrated by area
A) 1.
B) 2.
C) 3.
D) 4.
E) 3 + 4.
Microeconomics

28) Refer to Figure 125 If output in this