Graphically, the market demand curve issteeper than any individual demand curve that is part of it.greater than the sum of the individual demand curves.the horizontal sum of individual demand curves.the vertical sum of individual demand curves.Products and services are scarce solely because resources are finite in amount.truefalseWhich of the following is an example of a public good?a weather warning systema televisiona sofaa bottle of sodaEconomic systems differ according to which two main characteristics?who owns the factors of production and the methods used to coordinate economic activitythe technology used in production and the quantity and quality of natural resourceshow goods are produced and who gets themthe political system in place and the degree of scarcity facing the economyMarket failure is said to occur whenevercompetitive markets do not allocate resources in the most economically desirable way.prices rise.some consumers who want a good do not obtain it because the price is higher than they are willing to pay.government intervenes in the functioning of competitive markets.Producer surplus is the difference betweenthe maximum prices consumers are willing to pay for a product and the lower equilibrium price.the quantity supplied and quantity demanded at an above equilibrium price.the minimum prices producers are willing to accept for a product and the higher equilibrium price.the maximum prices consumers are willing to pay for a product and the minimum prices producers are willing to accept.Option 2