________: the amount by which the quantity supplied exceeds the quantity demanded at a particular market price

M2 is both larger and less liquid than M1

a. True b. False Indicate whether the statement is true or false

It is argued that the market will

A. not produce a nonexcludable public good. B. produce the socially optimal output of a nonexcludable public good. C. produce too much of a nonexcludable public good. D. produce a nonexcludable public good if marginal social benefits are equal to marginal private benefits. E. b and d