151) choose the correct answer:1.Consumer surplus is the buyer’s willingness to pay minus the seller’s cost. 2.If the demand curve in a market is stationary, consumer surplus decreases when the price in th

152) choose the correct answer:1.Producer surplus is a measure of the unsold inventories of suppliers in a market. 2.Consumer surplus is a good measure of buyers’ benefits if buyers are rational 3.Cost to the seller incl

153) choose the correct answer:1.The height of the supply curve is the marginal seller’s cost. 2.Total surplus is the seller’s cost minus the buyer’s willingness t

154) choose the correct answer:1.Producer surplus is the area above the supply curve and below the price. 2.The major advantage of allowing free markets to allocate resources is that the outcome of the allocati

155) choose the correct answer:1.The two main types of market failure are market power and externalities. 2.Externalities are side effects, such as pollution, that are not taken into account by the buyers and sellers