68Total producer surplus for an entire market equals the area under the demand curve and above the equilibrium price.

True

False

70.Which activity does NOT typically generate an external cost?

traffic congestion

public education

war

air pollution

71.Deadweight loss is found by subtracting producer surplus from consumer surplus.

False

True

73.If a price ceiling is set below the market price, it is

not possible to enforce.

nonbinding.

efficient.

binding.

74.Nonrivalry means that once a good is provided, others cannot be excluded from enjoying it.

False

True