2. The market for red snapper in Trentown City is characterized by a downward-slopping demand curve and an upward-sloping supply curve. a) Draw the competitive market equilibrium. Label the price (P1), quantity (Q1), consumer surplus (illustrate the area) and producer surplus (illustrate the area). Is there any deadweight loss? Explain. b) Suppose that the city council passes a law requiring each fish store to pay a $2 tax on each pound of red snapper sold. Illustrate the effect of this tax on the red snapper market. Label the consumer surplus, producer surplus, government revenue and deadweight loss.