1. If the price is below the equilibrium level. it creates a {['surplus'. 'shortage ] and the price starts to {['rise", "fall"] }. If the price is above the equilibrium level. it creates a { ["surplus", \"shortage"l } and the price starts to { ["rise", 'fall'] }. 2. The statement, \"You can't put a price tag on life!'. is; { [\"true because life is priceless". "true because the value of life is innite". \"false because the price is determined by how much the buyers and willing to pay for it and how much it costs to "produce\" (e.g.. save) it.". \"false because there are different values of life. depending on the individuals."] }. 3. The statement, "You can't put a price tag on the environment!" is: { ["true because the environment is priceless\". "true because the value of the environment is innite". \"false because the price is determined by how much the buyers and willing to pay for a better environment and how much it costs to "produce" it.". I'false because there are different values of the environment. depending on who assesses it.\"] }. What is the sum of consumer and producer surplus at equilibrium? $t} What is the value of unexploited gains from trade at Q = 1? 5\" What is the sum of consumer and producer surplus at Q = 1? 5\" What is the value of wasted resources at Q = 6? ${} What is the sum of consumer and producer surplus at Q = 6? ${}