An agreement among firms to charge the same price or otherwise not to compete is called

The difference between the maximum price a consumer is willing to pay for a product and the actual price the consumer pays is:

A. Allocative efficiency B. Productive efficiency C. The consumer surplus D. The producer surplus

Consider an Edgeworth economy where there are two citizens, Mr. Cortopassi and Ms. Thomas. There are only two goods to be consumed in the economy, Beer and Pretzels. The total amount of Beer is 12 units. The total amount of Pretzels is 12 units. Answer the following: Suppose Mr. Cortopassi has utility for the two goods characterized as U C (B,P) = B + P. Ms. Thomas's utility function is U T (B,P) = B + P. Identify the points that are Pareto efficient.

What will be an ideal response?