For any transaction, the sum of consumer surplus and producer surplus is cooperative surplus

One important difference between the political process and the market process is that

A) the political process results in collective actions that maximize economic surplus, while the market process may lead to efficiency losses. B) the political process results in collective actions in which everyone is made better off, while the market process results in actions that favor some groups only. C) the political process results in collective actions in which not everyone is required to participate, while in the market process individuals are obliged to participate. D) the political process results in collective actions in which everyone is obliged to participate, while in the market process individuals are free to participate or not.

The intersection of a firm's marginal revenue and marginal cost curves determines the level of output at which

a. total revenue is equal to variable cost. b. total revenue is equal to fixed cost. c. total revenue is equal to total cost. d. profit is maximized.