The impossibility theorem, demonstrated by Paul Samuelson, shows that it is impossible to have public officials behave in a manner consistent with the best interests of society.
Answer the following statement true (T) or false (F)
False
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Use the following graph of total revenues to answer the question below. 
If the quantity of product X demanded decreases from 16,000 to 10,000 units, then it suggests that the price of X was
A. reduced and the demand is elastic. B. increased and the demand is elastic. C. increased and the demand is inelastic. D. reduced and the demand is inelastic.
Every profit-maximizing producer is cost minimizing.
Answer the following statement true (T) or false (F)
Which of the following is most likely to increase an individual's current spending?
A) Paying back a loan today B) Borrowing money today C) Depositing money today D) Withdrawing money in the future
Refer to Figure 4-4. What is the value of producer surplus at the equilibrium price of $15?
A) $80 B) $160 C) $240 D) $400