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Exhibit 4-8 Refer to Exhibit 4-8.  Suppose That Wheat Producers  Lobby the Government for the Government

Question 53

Multiple Choice

Exhibit 4-8 Exhibit 4-8 Refer to Exhibit 4-8.  Suppose that wheat producers  lobby the government for a price floor and receive one.  This price floor is set at P<sub>F</sub>.  What is the size of the consumers' surplus at P<sub>F</sub>? A) area 5 B) area 6 C) area 1 + 2 + 4 D) area 1
Refer to Exhibit 4-8.  Suppose that wheat producers  lobby the government for a price floor and receive one.  This price floor is set at PF.  What is the size of the consumers' surplus at PF?


A) area 5
B) area 6
C) area 1 + 2 + 4
D) area 1

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