The commodity substitution bias is that
A) consumers substitute high-quality goods for low-quality goods.
B) government spending is a good substitute for investment expenditures.
C) national saving and foreign borrowing are interchangeable.
D) consumers decrease the quantity they buy of goods whose relative prices rise and increase the quantity of goods whose relative price falls.
Question 2
The figure illustrates the market for hot dogs on Big Foot Island. The producer surplus is ________.
A) 240 an hour
B) 180 an hour
C) 1.20 a hot dog
D) 60 an hour
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