The above figure shows the U.S. market for wheat. Without international trade, producer surplus is equal to ________

The business cycle progresses from an expansion to a peak to a recession and then to a trough

Indicate whether the statement is true or false

If a seller in a competitive market chooses to charge more than the going price, then

a. the sellers' profits must increase. b. the owners of the raw materials used in production would raise the prices for the raw materials. c. other sellers would also raise their prices. d. buyers will make purchases from other sellers.