When market exchange occurs voluntarily in a competitive market ...

[mydiamond]

When market exchange occurs voluntarily in a competitive market
 a. choice incurs no opportunity cost
  b. the sum of consumer surplus and producer surplus is maximized
  c. both consumer surplus and producer surplus are eliminated
  d. buyers benefit at the expense of producers
  e. the exchange confers no net benefit to the participants

Question 2

The forces that determine the cost of production are largely independent of the forces that shape demand.
 a. True
  b. False

[adf223]

Answer to Question 1

B

Answer to Question 2

A

[mydiamond]

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[kusterl]

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