What is NOT true about consumer surplus, producer surplus, and social surplus?
1)Producer surplus is the difference between the total revenues producers receive and the minimal amount of costs they are willing to produce.
2)When productive efficiency achieves in the perfectly competitive market, the social surplus is at its maximum.
3)The social surplus is composed of consumer surplus and producer surplus.
4)When the social surplus is at its maximum, the market is operated at the point where marginal (social) cost intersects marginal (social) benefit.
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