When an insurance company makes a direct loan to a firm, the loan is known as

Producer surplus is equal to the area

A) under the demand curve and above the supply curve. B) above the supply curve and below the price line. C) under the supply curve. D) under the demand curve and above the price line.

Supply curves applicable to shorter periods of time tend to:

a. be represented by horizontal lines parallel to the quantity axis. b. be perfectly elastic. c. be more inelastic than supply curves that apply to longer periods of time. d. be more elastic than supply curves that apply to longer periods of time. e. have a price elasticity of supply that is approximately equal to 1.