Trade-offs can always be considered in terms of opportunity costs.

The area below the demand curve and above the price line measures

A) consumer surplus. B) economic profit. C) elasticity of demand. D) the total value obtained from consuming the good or service.

Which of the following would not cause a change in the supply of milk?

a. an increase in government subsidies to dairy farmers b. an increase in the price of milk c. the discovery of growth hormones to stimulate the milk production of cows d. an increase in the cost of feed for cows