Question 1 4 pts Suppose, to benefit soy farmers harmed by a drop in demand for soybeans the government was to institute a price floor setting the minimum price of soy beans at $12 per bushel. Use the graph below to answer the following questions regarding the price floor. Soybean Market $20 Supply $16 $12 Price (Per Bushel) $8 $4 Demand 10 20 30 40 50 Quantity (Thousands of Bushels)Question 2 Select the area(s) that represent CONSUMER SURPLUS before the price floor is imposed? (select all that apply) JA B OD DE OF O There is no consumer surplus without the price floor. Question 3 Select the area(s) that represent PRODUCER SURPLUS before the price floor is imposed? (select all that apply) OB OC O E OF JG JH O There is no producer surplus without the price floor.Question 4 Select the area(s) that represent DEADWEIGHT LOSS before the price floor is imposed? (select all that apply) OA O B OC OD DE OF O G OH OI O There is no deadweight loss without the price floor. Question 5 Select the area(s) that represent CONSUMER SURPLUS after the price floor is imposed? (select all that apply) O A OC OD DE OF O G OH OI O There is no consumer surplus with the price floor.Question 6 Select the area(s) that represent PRODUCER SURPLUS after the price floor is imposed? (select all that apply) OA O B OC OD O E OF O G OH OI O There is no producer surplus with the price floor Question 7 Select the area(s) that represent DEADWEIGHT LOSS after the price floor is imposed? (select all that apply) O A O B O C O D O E J F O G OH O There is no deadweight loss with the price floorQuestion 8 According to this model are the soybean producers as a group made better or worse off as a result of the price oor? How can you tell? Does your answer apply to all producers, or are some made better off and some made worse off? Explain your