Consumer surplus is the area located on the demand and supply graph ________ the equilibrium price point
a. below
b. at the same point as
c. above
d. it is not found on the demand and supply graph
c
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If the value of a home falls below the amount owed on the mortgage for that property, the house is said to be ________
A) underwater B) collateralized C) swamped D) in short sale
Jaime's father gives her a pen for her graduation from college, but Jaime wants a smartphone. This implies that
A) Jaime's father is not acting out of self-interest because he knows that she really wants a smartphone. B) Jaime's father is acting out of self-interest because he wants to give her something useful. C) Jaime is not acting out of her self-interest by wanting something different from what her father gives her. D) Jaime is not rational by asking for a smartphone instead of a pen.
In the above figure, at the profit-maximizing rate of production for the perfectly competitive firm total cost is
A) $100. B) $70. C) $30. D) $130.
Refer to Figure 7.2. If Happy Times Theater charges one price to day customers and another price to night customers, then the day price will be 
A. $5.50. B. $6.25. C. $10.00. D. $7.50.