The diagram below shows the demand and supply curves in a perfectly competitive market.
FIGURE 12- 5
-Refer to Figure 12- 5.If output in this market were Q1,but the price was still at its free- market level,the loss in consumer surplus relative to the competitive equilibrium would be illustrated by area

Question

The diagram below shows the demand and supply curves in a perfectly competitive market.
  FIGURE 12- 5
-Refer to Figure 12- 5.If output in this market were Q1,but the price was still at its free- market level,the loss in consumer surplus relative to the competitive equilibrium would be illustrated by area

Quizplus · Accepted Answer

The Answer of The diagram below shows the demand and supply curves in a perfectly competitive market.
  FIGURE 12- 5
-Refer to Figure 12- 5.If output in this market were Q1,but the price was still at its free- market level,the loss in consumer surplus relative to the competitive equilibrium would be illustrated by area

The Diagram Below Shows the Demand and Supply Curves in a Perfectly