Paul goes to Dick's Sporting Goods to buy a new tennis racquet. He is willing to pay $200 for a new racquet, but buys one on sale for $125. Paul's consumer surplus from the purchase is

The law of increasing costs causes the production possibilities curve to be bowed outward from the origin

Indicate whether the statement is true or false

An increase in the price of a product can sometimes represent an improvement in quality rather than inflation

a. True b. False Indicate whether the statement is true or false