19. 20. Jeff decides that he is willing to pay $1,650 for a new laptop computer. He buys the computer and receives a consumer surplus of $200. How much did Jeff pay for his computer? (1) $200 {2) $575 (3) $1,050 (4) $1,450 Which of the following statements regarding total surplus is TRUE? {1) '"otal surplus can be maximized even when a market equilibrium does not exist. {2) '"otal surplus in a market is always maximized as long as trades between buyers and sellers occur. (3) If an allocation of resources maximizes total surplus, we say that the allocation exhibits equity. (4) When determining total surplus. the amount paid by buyers is equal to the amount received by sellers