Question: $ 30 E 20 10 V7 10 20 L Consider the diagram above where we display the market demand and market supply for LED light

$ 30 E 20 10 V7 10 20 L Consider the

$ 30 E 20 10 V7 10 20 L Consider the diagram above where we display the market demand and market supply for LED light bulbs. The competitive equilibrium price is $20, and the government sets a maximum price at $10. a. The change in producer surplus in moving from the competitive equilibrium to the maximum price equilibrium ((PS-max price) - (PS-competition is v . b. The change in consumer surplus in moving from the competitive equilibrium to the maximum price equilibrium ((CS-max price) - (CS-competition is v

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