Assignment 5 Name Answer each question as completely as possible. More is better than less, unless it is wrong or irrelevant. 1) Explain what the highest price a consumer is willing to pay for a unit of a given good represents? 2) What does the height of the supply curve at a particular unit of the good represent? 3) Explain societal profit obtained from a market. What can be said about societal profit when an ideal competitive market achieves equilibrium? 4) Who obtains societal profit? What determines how much goes to whom? 5) Define Deadweight loss. What does it measure