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

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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