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The deadweight loss is loss in total surplus that occurs when the quantity demanded, and quantity supplied are equal. True or false Consumer surplus is
The deadweight loss is loss in total surplus that occurs when the quantity demanded, and quantity supplied are equal.
True or false
Consumer surplus is the gap between the price that consumers are willing to pay, based on their preferences, and the market equilibrium price. Producer surplus is the gap between the price for which producers are willing to buy a product, based on their costs, and the market equilibrium price.
True or false
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