Question: Please help and explain each question asap, Q1 [25 points] Briefly answer below questions. a) What is the difference between social welfare and well-being? b)

Please help and explain each question asap,

Q1 [25 points] Briefly answer below questions. a) What is the difference between social welfare and well-being? b) Define consumer and producer surplus. What is a deadweight loss? c) What is a price ceiling? How does a price ceiling affect consumer and producer surplus? What is a price floor? How does a price floor affect consumer and producer surplus? d) What is the laissez-faire approach to government regulation? What is market failure? Give examples of market failure

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