Refer to the graph below representing the purely competitive market for a product. When the market is at equilibrium, the consumer surplus would be represented by the area:

"Banana republics" refers to:

A) nations that do not participate in free trade. B) nations that are net importers. C) nations that specialize in the production of only one good. D) nations that produce only agricultural products.

In a first-price sealed-bid auction, the ________ bidder wins the good being auctioned

A) lowest B) second-highest C) highest D) first