(Solved): 1 and 3. Please help me answer these two question (Figure: Equilibrium in the Market for Mechanical ...

1 and 3. Please help me answer these two question

(Figure: Equilibrium in the Market for Mechanical Pencils) Consider the figure Equilibrium in the Market for Mechanical Pencils. At the equilibrium price, this market's total producer and consumer surplus equals area: Price per pencil A 0000 BCDG. AIF. DIF. O ADI. B D E FL G H I Supply Demand Quantity of pencils (per week) Which statement is NOT an important function of an efficient market? It allocates consumption of the good to the potential buyers who most value it, as indicated by the fact that they have the highest willingness to pay. It allocates sales to the potential sellers who most value the right to sell the good, as indicated by the fact that they have the lowest cost. It ensures that every consumer who makes a purchase values the good less than every seller who makes a sale, so that all transactions are mutually beneficial. It ensures that every potential buyer who doesn't make a purchase values the good less than every potential seller who doesn't make a sale, so that no mutually beneficial transactions are missed.