The values of real GDP and real GNP are almost the same in countries where a significant fraction of domestic production takes place in foreign-owned firms

In a perfectly competitive market, the market clearing price:

A) is always equal to the equilibrium price. B) is unrelated to the equilibrium price. C) is always lower than the equilibrium price. D) is always higher than the equilibrium price.

Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. Marco's consumer surplus from the purchase is

A) $5. B) $60. C) $140. D) $200.