Jane is willing to pay $50 for a pair of shoes. The actual price of the shoes is $30. Her consumer surplus on this pair of shoes is

All firms maximize profits by producing an output level where marginal revenue equals marginal cost; for firms operating in perfectly competitive industries, maximizing profits also means producing an output level where price equals marginal cost

a. True b. False Indicate whether the statement is true or false

Compared to younger people, those who are 65 and older tend to consume roughly:

A. Twice as much health care B. About the same amount of health care C. Three-and-a-half times as much health care D. 10% less health care