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Exhibit 4-8 - L -. Price of Wheat P1 3 D Q 1 Q2 Quantity Refer to Exhibit 4-8. Suppose that wheat producers lobby the
Exhibit 4-8 - L -. Price of Wheat P1 3 D Q 1 Q2 Quantity Refer to Exhibit 4-8. Suppose that wheat producers lobby the government for a price floor and receive one. This price floor is set at PF. What has happened to the consumers' surplus as a result of the imposition of the price floor? O a. consumers' surplus has gone down by (area 3 - area 5) O b. consumers' surplus has risen by (area 2 + 3) O c. consumers' surplus has risen by (area 2 + 4) O d. consumers' surplus has gone down by (area 2 + 4)
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