Which of the following is False regards: Market Failures These failures can be either a Supply or Demand Side Market Failure. 1) The Demand Curve reflects full willingness to pay and Supply full willingness to reflect total cost. 2) A shortage is the difference between what a person will pay and actual price. 3) The Producer Surplus is the difference between the asking price and the actual price. 4) The difference between the maximum price a consumer is willing to pay for a product and the actual price that they do pay is a consumer surplus