1. If the marginal benefit of a pizza exceeds themarginal cost of a pizza are we producing too much pizza and too little of other goods and services, or are we producing too little pizza and too much of other goods and services? 2 If the marginal cost of a pizza exceeds the marginal benefit of a pizza are we producing too much pizza and too little of other goods and services, or are we producing too little pizza and too much of other goods and services? 3 What is the relationship between the marginal benefit of a pizza and the marginal cost of a pizza when we are producing the efficient quantity of pizza?Explain how to measure the value or marginal benefit from a good or service. 4. Explain how to measure the value or marginal benefit from a good or service. 5.Explain the relationship between marginal benefit and the demand curve. 6.What is consumer surplus and how is it measured? 7. Explain the relationship between the marginal cost or opportunity cost of producing a good or service and the minimum supply price - the minimum price that producers must be offered. 8.Explain the relationship between marginal cost and the supply curve. 9. What is producer surplus? How do we measure it ? 10. Do competitive markets use resources efficiently?Explain why or why not. 11. Do markets with a price ceiling or price floor, taxes, subsidies or quotas, monopoly, external costs or external benefits, or public goods or common resources result in the quantity produced being the efficient quantity? 12. What is deadweight loss and under what conditions does it occur? 13. Does a deadweight loss occur in a competitive market when the quantity produced equals the competitive equilibrium quantity and the resource allocation is efficient?What are the two big approaches fairness? 14. Explain the utilitarian idea of fairness and what is wrong with it. 15. Explain the big trade-off and the idea of fairness developed to deal with it. 16.What is the main idea of fairness based on fair rules? Explain your