In the figure above, when the market is unregulated and in equilibrium, marginal social cost ________ marginal benefit, and the quantity of chemical produced is ________

If the government has no debt initially, but then has annual revenues of $10 billion per year for 4 years and annual expenditures of $10.5 billion per year for 4 years, then the government has

A) a budget surplus of $0.5 billion per year and a debt of $2 billion at the end of the 4 years. B) a budget deficit of $0.5 billion per year and a debt of $2 billion at the end of the 4 years. C) a budget surplus of $0.5 billion per year and a surplus of $2 billion at the end of the 4 years. D) a budget deficit of $0.5 billion per year and a budget surplus of $2 billion at the end of the 4 years.

A point on the demand curve shows the

A) minimum price that people are willing to pay for another unit of a good. B) dollars' worth of other goods that people must sacrifice to consume another unit of the good. C) maximum price that people are willing to pay for another unit of a good. D) consumer surplus a person gains from consuming a unit of a good. E) marginal benefit minus the consumer surplus from consuming another unit of a good.