Question: Please answer the following questions. State whether it is true or false and provide a one sentence explanation. The following questions (5-7) refer to the

Please answer the following questions. State whether it is true or false and provide a one sentence explanation.

Please answer the following questions. State whether it is true or falseand provide a one sentence explanation. The following questions (5-7) refer to

The following questions (5-7) refer to the following graph: The following graph displays the demand curves for X: Di is the demand curve of type-1 consumers, D2 is the demand curve of type-2 consumers. Suppose that the marginal cost of each X is constant at $0. 27 24 21 18 ..j... 1: 12 n5. A tax of 3$ per unit in a competitive market will result in selling 55 units. True/false Explain: 6. The consumer surplus in a competitive market for type 1 consumers is 120 and the producer surplus is zero. True/false Explain: 7. The revenues for both types of consumers are maximized in equilibrium for a monopoly market in this case. True/false Explain

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