(Figure: Calculating Surplus) Calculate the value of producer surplus in the market depicted in the graph.

Which statement BEST illustrates increasing opportunity costs?

(Figure: Determining Surplus 4) In the market depicted in the graph, producer surplus equals _____.

The field of economics that focuses on decision making by individuals, businesses, industries, and governments is called:

If a price floor is set below the equilibrium price:

(Table: Canada and Mexico’s Production Possibilities) Based on the table: Canada’s Production Possibilities Tons of Steel Airplanes 15 0 10 4 5 8 0 12 Mexico’s Production Possibilities Tons of Steel Airplanes 6 0 4 2 2 4 0 6

An effective price floor results in a:

(Figure: Bread and Honey) In the graph, a move from point a to point b costs:

Suppose that your car gets 40 miles to the gallon. Assuming D = distance or number of miles your car can drive and that G = the number of gallons of gasoline in your fuel tank, the relationship between the number of miles your car can drive and the amount of gas in your fuel tank is captured by which equation?

(Figure: Determining Surplus) In the market depicted in the graph, what is the formula for producer surplus?