The knowledge and skills people accumulate through experience, education, and training is called

Refer to the figure above. Which of the following statements are true in this case?

A) P1 is the socially optimal price for Good X. B) P2 is the price of Good X in a free market. C) Q2 is the efficient level of output of Good X. D) Q2 is the quantity supplied of Good X in a free market.

Refer to Table 4-12. The equations above describe the demand and supply for Bubba's Fried Jellybeans. The equilibrium price and quantity for Bubba's Fried Jellybeans are $40 and 5 thousand units

What is the value of economic surplus in this market? A) $5 thousand B) $12.5 thousand C) $25 thousand D) $37.5 thousand