Say whether the statement is True or False. If False, supply a reason or correct the statement.

(a) Producer Surplus is the profit that producers get.

(b) Consumer Surplus represents savings.

(c) When price is at equilibrium, producer and consumer surplus are equal

(d) Deadweight Loss represents goods that cannot be bought or sold due to deviations of price from equilibrium

(e) Deviations have a tendency to go back to equilibrium because the government makes price interventions

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The detailed answer for the above question is provided below Statement a Producer Surplus is the profit that producers get Mostly True Producer surplu... View the full answer