Question

How is efficiency of market linked with producer's and consumer's surplus.Explain​

Answer 1

Answer:

The market is efficient and both consumer and producer surplus are maximized at the equilibrium point of $5. If the government establishes a price ceiling, a shortage results, which also causes the producer surplus to shrink, and results in inefficiency called deadweight loss.

Explanation:

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Answer 2

Answer:

The market is efficient and both consumer and producer surplus are maximized at the equilibrium point of $5.

Explanation:

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