What is dead-weight loss? O a. It's when consumers pay a higher price and transfer their surplus to producers O b. It's when producers accept a lower price and transfer their surplus to consumers O c. It's the loss of market participation to both consumers and producers O d. It's the revenue made by the government when it imposes a taxAssume that a producer of tables starts with selling 50 tables for a price of $40 per table. They decide to decrease the price to $30 and find that they are able to sell 70 tables. Calculate elasticity using the mid-point formula. Which of the following is true about the absolute value of price elasticity of demand? O a. Price elasticity of demand (or |Ed))is greater than 1 O b. Price elasticity of demand (or |Ed)) is equal to 1 O c. Price elasticity of demand (or |Ed) is less than 1 d. Price elasticity of demand (or [Ed]) is 0