The above figure shows the market for DVDs. The government decides that all citizens deserve to watch affordable DVDs so a price ceiling of $12 per DVD is placed on DVDs. After this price ceiling is in effect, producer surplus equals ________

Some luxury product manufacturers will purposefully raise prices on their goods in order to reduce sales volume

This strategy may successfully increase sales revenue if the luxury goods are subject to the ________ effect and have relatively ________ demand. A) bandwagon, elastic B) bandwagon, inelastic C) snob, elastic D) snob, inelastic

What is the opportunity cost of leisure?

a. the relaxation a person gets b. the income given up by not working c. the vacation time taken d. the chance to socialize with friends and family