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Question #4: (6 marks) Use the diagram below to answer the following questions. abed ard world woradds MC ....... P3..... B (E Price of Natural
Question #4: (6 marks) Use the diagram below to answer the following questions. abed ard world woradds MC ....... P3..... B (E Price of Natural Gas C P1 D MR Q 1 Q2 Quantity of Natural Gas a) In a competitive market, what areas would make up the consumer surplus, producer surplus, and economic surplus? (3 Marks) b) In a monopolist market, what areas make up the consumer surplus, producer surplus, and deadweight loss
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