A) If a price ceiling were to be imposed at “Pc” – which indicated area(s) would represent the consumer surplus and producer surplus? B) If the price ceiling was still in effect at “Pc”, what area...

A) If a price ceiling were to be imposed at “Pc” – which indicated area(s) would represent the consumer surplus and producer surplus?

B) If the price ceiling was still in effect at “Pc”, what area would represent the potential “black market” which could arise? What would be the price and quantity sold in the “black market”?

Extracted text: Use the below graph to answer the following questions: Price Supply A Pf G B Pe H F K M Pc D Demand N Q2 Q1 Q3 Quantity