The country of Southland produced $2,000 billion of output in one year. The population of Southland was 100 million, of whom 60 million were employed. What was average labor productivity in Southland?

In the above figure, what is the amount of consumer surplus at the efficient quantity?

A) $0 B) $1,000 C) $2,000 D) $4,000

The ability of an individual to own and exercise control over scarce resources is called

a. market failure. b. property rights. c. externality. d. market power.