When a market is in equilibrium, consumer surplus will equal producer surplus.  Comment on the truth or falsity of the statement.

Last Saturday, Sammy supplied 100 baskets of strawberries at the farmer’s market when the equilibrium price was $3.  This Saturday, he supplied 120 baskets of strawberries when the equilibrium price increased to $4.  Sammy’s producer surplus did not change;  it was the same this Saturday as it was last Saturday. Select one: True False

What are some markets (goods or services) where an equilibrium might not be the most desirable point? Meaning, if left alone, the market produces too much or too little compared to societal needs.

Let’s assume that a severe hurricane destroys many shrimp farms along the Gulf Coast of Louisiana. The impact on the market for farmed shrimp will be a shift to the left of: Group of answer choices the demand curve, as consumers try to economize because of the shortage. the supply curve and a rightward shift of the demand curve, resulting in a higher equilibrium price. the supply curve. both the supply and demand curves.