Refer to Figure 9.4. If the government establishes a price floor of $40 and purchases the surplus, total consumer and producer surplus will be

The public assistance program that economists believe can promote economic equality at the least cost in economic efficiency is

a. Aid to Families with Dependent Children (AFDC). b. a negative income tax (NIT). c. food stamps. d. Medicaid.

Economist Jones defines an increase in supply as a decrease in the prices needed to ensure various amounts of a good being offered for sale. Economist Brown defines an increase in supply as an increase in the amounts that producers will offer at various

possible prices. Economist Cole defines an increase in supply as an increase in the amount firms will offer in the market which is caused by an increase in the price of the product. Which, if any, of these is defining an increase in supply correctly? Please provide the best answer for the statement.