(Solved): Use the areas labeled in the market represented in the figure below to answer the following questio ...

Use the areas labeled in the market represented in the figure below to answer the following questions. Price (\$) Quantity Instructions: You may select more than one answer. Click the box with a check mark for correct answers, and click to empty the bo for the wrong answers. a. What area(s) are consumer surplus at the market equilibrium price? ? 8 ? \( \mathrm{C} \) ? \( D \) ? \( \mathrm{E} \) b. What area(s) are producer surplus at the market equilibrium price? ? 8 ? \( \subset \) \( \mathbf{7} \) ? \( E \) c. Compared to the equilibrium, what area(s) do consumers lose if price is \( \mathrm{P}_{2} \) ? ? \( { }^{A} \) ? \( \mathrm{B} \) ? \( \mathbf{?} \) \( \mathbf{?} \mathrm{E} \) d. Compared to the equilibrium, what area(s) do producers lose if the price is \( P_{2} \) ? ? \( \mathrm{A} \) \( \boldsymbol{7} \mathrm{B} \) ? \( \mathrm{C} \) ? \( D \) ? \( E \) e. Compared to the equilibrium, what area(s) do producers gain if the price is \( P_{2} \) ? A B C D E f. Compared to the equilibrium, total surplus decreases by what area(s) if the price is \( P_{2} \) ? A B C D