A plumbers' union is an example of

A measure of consumer surplus in any market is

a. total expenditure on the good b. the area above the supply curve and below the price c. the area beneath the demand curve d. the area beneath the demand curve and above the price e. the market price

If Ed is willing to pay a maximum of $200 for a tweed sport coat but buys one for $180, that $20 saved is

a. his reservation price b. the store's producer surplus c. his total expenditure d. his marginal utility e. his consumer surplus