In the figure above, when the market is in equilibrium, total consumer surplus on all the CDs bought will be

At the expiration the premium of an option is equal to the option intrinsic value.

a. true b. false

To maximize their profits and defend those profits from competitors, monopolistically competitive firms must

A) achieve economies of scale. B) differentiate their products. C) lobby government to erect barriers to entry in their industries. D) limit foreign competition in their markets by encouraging the government to impose tariffs and other trade restrictions.