Consumer surplus:
A. is minimized in market equilibrium.
B. measures the value between the actual selling price of a product and the price at which sellers are willing to sell the product.
C. measures the value between the price consumers are willing to pay for a product and the price they actually pay.
D. measures the price at which sellers extract excess profits from consumers.
Answer: C
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
A mistake is a choice that:
A. the chooser later regrets. B. the choice architect creates that has unintended consequences. C. society as a whole, but not necessarily the chooser, is left worse-off once it's made. D. policymakers think choosers should not make.
The statement “saccharine causes cancer” is not a theory; it is a hypothesis.
Answer the following statement true (T) or false (F)
In the United States in 2016, the percentage of people with some form of health insurance was about
A) 10%. B) 36%. C) 55%. D) 91%.