9. The diagram below shows supply and demand curves in the Canadian market for soybeans. The free market equilibrium price and quantity are p* and Q*. a. "as: g. | 7 l l | D 91 Q' Quantity a. If the price of soybeans is at its market-clearing equilibrium level, p*, identify the areas on the graph that sum to this market' 5 total economic surplus. b. Suppose the government imposes an output quota at Q1. Identify the areas on the graph that represent the reduction in economic surplus as a result of this government's imposition of the quota. c. Describe the effect of this quota on market efficiency. is society as a whole better off? Price