On the graph above, what area represents consumer surplus when the price is $10?

Other things the same, the higher the rate of saving and investment in a country, the higher will be the standard of living in the future

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

It costs a meat-processing company $50,000 to produce 5,000 pounds of steak. The company's cost will be $50,009 if it produces an additional pound of steak. If the company produces 5,001 pounds of steak then

a. its average cost is greater than its marginal cost. b. its average cost and its marginal cost are equal. c. its average cost is less than its marginal cost. d. there is insufficient information to compute average and marginal costs.