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

Use the areas labeled in the market represented in the figure below to answer the following questions. Price (\$) Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. a. What area(s) are consumer surplus at the market equilibrium price? b. What area(s) are producer surplus at the market equilibrium price? ? A ? \( \mathrm{B} \) ? \( \mathrm{C} \) \( ? D \) \( ? \mathrm{E} \) c. Compared to the equilibrium, what area(s) do consumers lose if price is \( P_{2} \) ? ? A ? \( \mathrm{B} \) ? \( \mathrm{C} \) ? D ? E d. Compared to the equilibrium, what area(s) do producers lose if the price is \( \mathrm{P}_{2} \) ? ? A ? \( \mathrm{B} \) ? \( \mathrm{C} \) ? D e. Compared to the equilibrium, what area(s) do producers gain if the price is \( P_{2} \) ? \( ? \mathrm{~A} \) \( ? \mathrm{~B} \) \( ? \mathrm{C} \) \( ? \mathrm{D} \) \( ? \mathrm{E} \) f. Compared to the equilibrium, total surplus decreases by what area(s) if the price is \( P_{2} \) ? \( ? \mathrm{~A} \) ? \( \mathrm{B} \) ? C ? D ? E