Q 8. You will need the formula for the area of a triangle to answer the next question: Area = (1/2) x base x height. P $100 S2 S1 $60 $50 D $20 8 10 Q Based on the graph above, how did the shift of the supply curve from S, to S2 affect the consumer and producer surpluses? Only consumer surplus was reduced. Only producer surplus was reduced. Consumer surplus was reduced, but producer surplus was reduced by more. Producer surplus was reduced, but consumer surplus was reduced by more. Consumer and producer surplus were reduced equally