Consumer Surplus and Producer Surplus are respectively the advantages to Consumers and Producers (as well as retailers)

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Consumer Surplus and Producer Surplus are respectively the advantages to Consumers and Producers (as well as retailers) for being part of a marketplace. O True O False 3.4 pts
In Economics we explore the "economic problem" which is trying to satisfy unlimited human want with scarce resources. This is true for which of the following? O Both the individual and society O the Individual O Society
D Question 16 3.4 pts The Production Possibilities Model makes simplifying assumptions and teaches us several important lessons about national economies. O True O False Question 17 3.4 pts A Public Good is a Good or Service which the marketplace does not produce enough of, so Government steps in to produce more. True O False
19 3.4 pts Which of the following is NOT true about Equilibrium? O All of the above ARE true about Equilibrium O Equilibrium can be disturbed for a short time by changes in any of the determinants of Demand O Equilibrium can be disturbed by a change in any of the determinants of Supply O Equilibrium is the situation where quantity supplied is equal to quantity demanded, at a certain price. O Equilibrium is a situation at rest, and can remain stable for a long time, if nothing changes.