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WITH THE APPROPRIATE WORD OR PHRASE. (TYPE IN YOUR ANSWERS ON THE SPACE(S) PROVIDED FOR EACH QUESTION) 1 . is the underlining assumptions Economists make when they say that Welfare economics can be used to analyze the cost and benefits of policies and market imperfections. 2. A producer whose willingness to sell a product is $10 less than what he/she sold it is said to have made equal to 3. At a market price of $10, only 5 consumers purchased the good. However, when the price decreased to $5, 15 consumers purchased the good. The name given to the additional consumers is 4. You can determine by subtracting the actual value paid by a consumer from the value the consumer places on the item 5 . Is a market where demand for a good go to the producer who can produce the good at the lowest cost. ates) Focus ES