Answer the following statement true (T) or false (F)

1) Supply-side market failures occur because it is impossible in certain cases for sellers to
charge consumers what they are willing to pay for a product.
2) When a supply-side market failure occurs, the costs are greater than the benefits for the last
unit(s) of output produced.
3) Along a demand curve, product price and consumer surplus are inversely related.
4) Along a supply curve, product price and producer surplus are inversely related.

1) F
2) T
3) T
4) F