A (hypothetical) benevolent social planner whose goal is to allocate resources with the greatest efficiency should:

minimize total cost

maximizeincome equality

maximize total surplus

maximize welfare programs

If the price of oil increases strongly and steadily, what is expected to occur to the elasticiy of supply and demandin the long run?

both will stay constant

demand will be more elastic while supply will not be affected

demand will not be affected while supply will be more elastic

both supply and demand will become more elastic

The fall in total surplus that results from a market distortion, such as a tax is called:

surplus shortage

deadweight loss

surplus scarcity

tax revenue