Refer to Exhibit 4-8. Suppose that wheat producers lobby the government for a price floor and receive one. This price floor is set at Pp. What is the change in the total surplus at the price floor, compared to at the equilibrium price?a. There was a gain in total surplus equal to (area 1 +2+3)b. There was a gain in total surplus equal to (area 1+2+3+4+5)c. There was a loss in total surplus equal to (area 4 + 5)d. There was a loss in total surplus equal to (area 4+5+6)

Based on this model, households earn income whenfirms purchasegoods and services in factor markets. suppose eileen earns $575 per week working as an analyst for a-plus accountants. she uses $10 to buy a box of aspirin at pillmart pharmacy. pillmart pharmacy pays clancy $250 per week to work the cash register. clancy uses $125 to purchase tax services from a-plus accountants. identify whether each of the following events in this scenario occurs in the factor market or the product market. event factor market product market eileen earns $575 per week working for a-plus accountants. eileen spends $10 to buy a box of aspirin. clancy spends $125 to purchase tax services from a-plus accountants. which of the elements of this scenario represent a flow from a firm to a household