A ______ economy is an economy where government and the private sector together determine the allocation of resources.

When a country allows trade and becomes an importer of a good,

a. consumer surplus and producer surplus both increase. b. consumer surplus and producer surplus both decrease. c. consumer surplus increases and producer surplus decreases. d. consumer surplus decreases and producer surplus increases.

When deciding how to reach total maximum utility by purchasing some combination of goods, consumers are constrained by

a. the differences in marginal utility of goods b. the differences in marginal utility per dollar of goods c. their total budget d. the endowment effect