1. The market price that represents the total producer surplus is $140.
Statement                                                                                       True/False
2. Sam will always receive <u>less</u> producer surplus than Teresa.    False
3. When the price is $140 producer surplus is smaller than at $100.  False
4. For Beth to earn a producer surplus of exactly $60, the market price needs to be $240 ($180 + $60).
Data and Calculations:
                              Cost       Market Price             Producer Surplus
                              A            B              C             D = (B -A)     E = (C - A)
Lorenzo                $20       $100      $140             $80          $120
Naha                     $60       $100      $140            $40            $80
Sam                      $80       $100      $140            $20            $60
Teresa                $100       $100      $140              $0            $40
Andrew              $160       $100      $140           -$60           -$20
Beth                   $180       $100      $140           -$80           -$40
The producer surplus represents the excess of the market price over the price a seller is willing to sell an item.  For example, Teresa is willing to sell the smartphone at $100.  If the market price is $120, she gets a producer surplus of $20 ($120 - $100).
Thus, the market price for a used smartphone must exceed the <em>seller's willingness price</em> to produce a producer surplus.
Learn more: brainly.com/question/14942304