QUESTIONS FOR REVIEW

1. Explain how buyers’ willingness to pay, consumer surplus, and the demand curve are related.

2. Explain how sellers’ costs, producer surplus, and the supply curve are related. In a supply and demand diagram, show producer and consumer surplus in the market equilibrium.

4. What is efficien~? Is it the only goal of economic policy makers?

5. What does the invisible hand do?

6. Name two types of market failure. Explain why each may cause market outcomes to be inefficient.

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