Question

We can say that the allocation of resources is efficient if

Select one:

a. sellers' costs are minimized.

b. producer surplus is maximized.

c. consumer surplus is maximized.

d. total surplus is maximized.

Which of the following changes would not shift the demand curve for a good or service?

Select one:

a. a change in expectations about the future price of the good or service

b. a change in income

c. a change in the price of a related good or service

d. a change in the price of the good or service