In Figure 26.1, consumer surplus under perfect competition is 
A. FABE.
B. EBC.
C. P2AC.
D. FAC.
Answer: C
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Refer to Figure 10-5. Which of the following statements is true?
A) Bundles r and w are not affordable. B) The consumer gets more utility from bundle r than from bundle v. C) The consumer gets less utility from bundle w than from bundle v. D) Bundles r, s, t, and u all cost the same.
Refer to Figure 2.1. At point C, demand is:
A) completely inelastic. B) inelastic, but not completely inelastic. C) unit elastic. D) elastic, but not infinitely elastic. E) infinitely elastic.
When the housing bubble burst, prices fell particularly severely in
a. Georgia. b. Nevada. c. Pennsylvania. d. West Virginia.
As the price of a product falls, the demand for the product increases, ceteris paribus.
Answer the following statement true (T) or false (F)