1. Now assume that the United States is a net importer of crude oil. Show the impact of the price increase resulting from the loss of supply to the world market on social surplus in the U.S. market....

1. Now assume that the United States is a net importer of crude oil. Show the impact of the price increase resulting from the loss of supply to the world market on social surplus in the U.S. market.

2. Show the social surplus loss in a situation in which a consumer’s uninformed demand schedule lies below her informed demand schedule.