The total of consumer plus producer surplus is ________ at the market equilibrium.

A negative externality is

A) a cost realized by the producer of a good or service. B) anything that is external or not relevant to the production of a good or service. C) a cost paid for by the consumer of a good or service. D) a by-product of an activity that hurts someone who is not involved in that activity.

In a collusive agreement between two duopolists in an oligopoly, each firm has an incentive to cheat on the agreement because the firm's price

A) exceeds its marginal cost. B) exceeds its marginal revenue. C) is less than its average total cost. D) None of the above answers is correct.