Refer to the information provided in Figure 13.9 below to answer the question(s) that follow. 
Figure 13.9 Refer to Figure 13.9. The amount of ________ under monopoly equals area GAB.
A. social gain
B. consumer surplus
C. producer surplus
D. welfare loss
Answer: B
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For a monopoly, profit per unit of output is
a. marginal revenue minus marginal cost b. price minus average total cost c. average total cost minus marginal revenue d. price minus marginal revenue e. total revenue minus total cost
When nations trade according to their comparative advantages,
a. one nation has an absolute advantage in producing all goods b. all opportunity costs of production are the same c. world economic efficiency falls d. at least one country is made better off through trade e. at least one country is made worse off through trade
Suppose Russia can produce either 600 pianos or 400 HDTVs, and Italy can produce either 300 pianos or 150 HDTVs. Implicitly, Russia has
A. Both an absolute and a comparative advantage in HDTVs. B. Neither a comparative nor an absolute advantage in HDTVs. C. An absolute but not necessarily a comparative advantage in HDTVs. D. A comparative but not necessarily an absolute advantage in HDTVs.
The inputs that a manager uses to alter production are referred to as:
A. fixed factors. B. variable factors. C. long-run factors. D. All of the statements are correct.