A typical society strives to get the most it can from its scarce resources. At the same time, the society attempts to distribute the benefits of those resources to the members of the society in a fair manner. In other words, the society faces a tradeoff between

Pat bought a new car for $15,500 but was willing to pay $24,000. The consumer surplus is

Josh is willing to pay $500 for a set of tire, but he is able to pay $300 at the local tire store. His consumer surplus is

Figure 15-5 Refer to Figure 15-5. At the profit-maximizing level of output,

If education produces positive externalities and the government does not intervene in the market, we would expect

Figure 10-4 Refer to Figure 10-4. If this market is currently producing at Q4, then total economic well-being would be maximized if output

When the government attempts to improve equality in an economy the result is often

If a good is normal, then an increase in income will result in a(n)

A decrease in the price of a good will

Figure 2-7 Refer to Figure 2-7. This economy cannot produce at which point(s)?