If total utility increases from 10 to 15 for the second unit of a good consumed, the marginal utility of the second unit is 25

When there is a surplus in the market, the quantity sold is

A) equal to the quantity supplied. B) equal to the quantity demanded. C) less than the quantity demanded. D) greater than the quantity bought.

Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. If 20,000 units of iced tea are sold

A) marginal benefit is equal to marginal cost. B) the deadweight loss is equal to economic surplus. C) producer surplus equals consumer surplus. D) the marginal benefit of each of the 20,000 units of iced tea equals $3.