Answer the following statements true (T) or false (F)
1) For any market, the total surplus is equal to the consumer surplus plus the producer surplus.
2) For any market, the total surplus is equal to the consumer surplus minus the producer surplus.
3) All else equal, the higher the actual price producers receive for their product, the greater the producer surplus.
4) All else equal, the higher the actual price consumers must pay to purchase a product, the greater the consumer surplus.
5) In a competitive market, if the deadweight loss is equal to zero, society enjoys the largest total surplus.
1) TRUE
2) FALSE
3) TRUE
4) FALSE
5) TRUE
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