The difference between the price the consumer is willing to pay for a good or service and what he would have to pay for that unit is called:
a. the total gains from trading that unit.
b. the gain in producer surplus

________ involves undertaking an activity until its marginal benefits equal marginal costs

A) Market intervention B) Scarcity reduction C) Central planning D) Marginal analysis

Refer to the above figure. Which panel does not represent a possible short-run situation for a monopolistically competitive firm?

A) Panel A B) Panel B C) Panel C D) Panel D