Consider the diagram below that shows the market for local fisheries. Local fishers are contemplating whether or not it

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Consider the diagram below that shows the market forlocal fisheries. Local fishers are contemplating whether or not itis worthwhile to remain in this industry. The government believethat this service is important to the economy and enforce a minimumprice on the good. The minimum price applied is shown as price Pm.Use your knowledge of producer surplus, consumer surplus anddeadweight loss to answer the following questions. (For thesequestions you need to indicate the relevant areas using pointsnoted on the diagram below or by providing your own illustrationwith relevant areas clearly highlighted).

Consider The Diagram Below That Shows The Market For Local Fisheries Local Fishers Are Contemplating Whether Or Not It 1 (54.23 KiB) Viewed 10 times

Price A Pm Pe H B F D Qd2 C I Qe E G Qs2 S1 D1 Quantity