Use the diagram to answer the following questions (ac). a. At the competitive output, Q1, what area

Use the diagram to answer the following questions (a–c).

a. At the competitive output, Q1, what area represents the consumer surplus? What area represents the producer surplus?
b. At the larger output, Q2, what area represents the consumer surplus? What area represents the producer surplus?
c. What area represents the deadweight loss of producing too muchoutput?

Transcribed Image Text:

Supply Et 9 Demand 0 Quantity