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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
The diagram below shows the demand and supply curves in a perfectly competitive market.P 3Supply = MCPriceCompetitiveMarket PriceP2PDemand = MB0QuantityFIGURE 12-528) Refer to Figure 12-5. If output in this market were Of, and the price were still P2, the loss in consumer surplusrelative to the competitive equilibrium would be illustrated by areaA) 1.B) 2.C) 3.D) 4.E) 3 + 4.
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