Name: 3. Use the diagram below to answer the questions that follow. Figure 4.18 Price PA Supply H G Demand Q1 Q2 Quantity a. At the market equilibrium price, the consumer surplus is given by the area b. At the market equilibrium price, the producer surplus is given by the area c. At the market equilibrium price, total economic surplus is given by the area d. The total revenue received by suppliers is given by the area e. The total expenditure incurred by consumers is given by the area Economic Efficiency, Government Price Setting, and Taxes 48