In a competitive market, the demand and supply curves are Q = 12 ...

[CBme]

In a competitive market, the demand and supply curves are Q = 12 - P and Q = 5P, respectively. If output is fixed at Q = 11, what is the amount of the resulting deadweight loss?
 
  A) 0
  B) 0.6
  C) 11.4
  D) 15

Question 2

In a competitive market, the demand and supply curves are Q = 12 - P and Q = 5P, respectively. If output is fixed at Q = 5, what is the amount of the resulting deadweight loss?
 
  A) 0
  B) 5
  C) 10
  D) It cannot be determined without more information.

[ryrychapman11]

Answer to Question 1

C

Answer to Question 2

C