In the figure above, if the minimum wage rate is $8 per hour, then after taking account of resources lost in job search, the workers' surplus is the area ________ and the firms' surplus is the area ________

The idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of

A) trade-off. B) equity. C) efficiency. D) optimization.

Managed mutual funds usually outperform mutual funds that are supposed to follow some stock index

a. True b. False Indicate whether the statement is true or false