For a monopolist, as output expands, price and marginal revenue become more divergent (i.e., are farther apart)

The quantity supplied of a good or service is the amount that

A) producers wish they could sell at a higher price. B) is actually bought during a given time period at a given price. C) people are willing to buy during a given time period at a given price. D) producers plan to sell during a given time period at a given price.

Total surplus or gains created from trade equal

a. Seller surplus b. Buyer surplus c. The summation of seller and buyer surplus d. Profits earned by a firm