Figure 33-4
?

Which panel in Figure 33-4 shows what happened in 2007–2009?

What is one reason activists might lobby the government to force firms to produce more output than they normally would in a perfectly competitive market?

A) They value consumer surplus more than producer surplus. B) They value producer surplus more than consumer surplus. C) They seek to avoid future regulation. D) They seek to minimize total surplus.

Increases in real GDP are considered the best measure of increases in living standards, because they measure:

a. only increases in prices. b. only increases in production. c. both increases in prices and increases in production. d. only increases in the cost of living