Question
Hi, need this ASAP thx A. If the price of soybeans is at its market-clearing equilibrium level, p* , identify the areas on the graph
Hi, need this ASAP thx 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's total economic surplus .(Select all that apply )A. 1 B. 2 C. 3 D. 4 E. 5 F. 6 G. 7B. Suppose the government imposed 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. (Select all that apply.)A. 1 B. 2 C. 3 D. 4 E. 5 F. 6 G.7C. Describe the effect of this quota on market efficiency as whole better off ? Society ___ better of because the market ___ efficient and there ___ deadweight loss.
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