1-T,2-F,3-T

1-F,2-T,3-F

1-T,2-T,3-F

1-F,2-F,3-T

below the demand curve and above the price

above the supply curve and below the price

above the demand curve and below the price

below the supply curve and above the price

minimum amount they are willing to pay for a good.

producer surplus

consumer surplus

maximum amount they are willing to pay for a good

Rs. 18,000

Rs. 20,000

Rs. 2,000

Rs. 38,000

improves the material welfare of the buyers

decreases consumer surplus

improves market efficiency

increases consumer surplus