The total amount of consumer surplus in a market is equal to the area below the demand curve

From an economic point of view, _____ makes a lot of sense because it takes advantage of the gains produced by specialization

a. bicameral legislatures b. representative democracy c. proportionality in the House of Representatives d. bureaucracy

If the government institutes a specific tax for a good that has a perfectly elastic demand curve

A) the producer passes the entire tax on to the consumer. B) the producer must absorb the entire tax. C) the producer can generally only pass part of the tax onto the consumer. D) the equilibrium price drops.