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Figure 1 T Price 24* 22 - 20+ A 18 + Supply 16+ B 14+ C D F 10+ H G 4+ K L M
Figure 1 T Price 24* 22 - 20+ A 18 + Supply 16+ B 14+ C D F 10+ H G 4+ K L M Demand 2 3 6 9 12 15 18 21 24 27 30 33 36 39 QuantityRefer to Figure 1. If there is a price control (e.g., price floor) of $18, then the deadweight loss will be area: O A+B+D+J O C+B O C+F O D+J Refer to Figure 1. Due to price controls (e.g., price ceiling or price floor), Total Surplus and economic welfare: O increased O decreased O did not change O increased exponentially
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