When the market is in equilibrium, with no government ...

[mia]

When the market is in equilibrium, with no government intervention,
 a. Total surplus is minimized
 b. Total surplus is maximized
 c. Government maximizes total revenue
 d. None of the above

Question 2

Your cellular phone contract is due for renewal and the company offers you a new free phone. Since you want to use your new phone, you decide to recycle your old phone. Your action
 a. Creates wealth by moving the phone from lower value use to higher value use
  b. Destroys wealth since you lose your phone
 c. Creates wealth by making you feel richer
 d. All of the above

[chereeb]

Answer to Question 1

b

Answer to Question 2

a

[mia]

Thank you

[chereeb]

Happy to help you