Draw an upward-sloping supply curve and a downward sloping demand curve. The market is initially unregulated, for a competitive market, with a market output of Q*. The government limits output in the market to Q < Q*. Label areas on the diagram that use to answer the following questions. (many ways to label the areas, just be very clear.) a. What is the consumer surplus before and after the regulation?  b. What is the producer surplus before and after the regulation?  c. What is the deadweight loss (if any) before and after regulation?

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