Author Question: Refer to Figure 4-3. What area represents consumer surplus at the equilibrium price of P1? A) A + ... (Read 132 times)

aabwk4 · **on:** Jun 29, 2018

Refer to Figure 4-3. What area represents consumer surplus at the equilibrium price of P1?

A) A + B + C + D + E B) A + B + C C) D + E D) A

Question 2

If additional units of a good are produced at an increasing opportunity cost, the production possibilities frontier would be bowed outward (concave).

Indicate whether the statement is true or false