Quizze #4  Government Intervention and Markets  1) Define Price equilibrium and Grap

Quizze #4 

Government Intervention and Markets 

1) Define Price equilibrium and Grap it 

2) Define Consumer Surplus and Graph it 

3) Define Producer Surplus 

4) Prove that Markets are efficient when Quantity supplied = Quantity demanded 

5) Maximization of Total Surplus = Consumer Surplus + Producer Surplus only when price equilibrium exists. Prove with graphs