Producer and consumer surpluses are measures of:

A PPF bows outward because

A) not all resources are equally productive in all activities. B) consumers prefer about equal amounts of the different goods. C) entrepreneurial talent is more abundant than human capital. D) resources are used inefficiently.

The figure above shows a monopoly's total revenue and total cost curves. The monopoly's economic profit is maximized when it produces

A) 0 units of output. B) 5 units of output. C) 15 units of output. D) 20 units of output.