The business structure in which organizations are fictitious legal entities whose formulation complies with specific state laws is known as a

In the above figure, the market is at its equilibrium. Area A + area B is equal to

A) consumer surplus. B) total revenue. C) total surplus. D) marginal benefit. E) producer surplus.

When the price of a pizza decreases from $12 to $10, it is definitely the case that the

A) income effect means people buy less pizza. B) substitution effect means people buy more pizza. C) quantity demanded of pizza will not change. D) None of the above answers is correct.