Refer to the scenario above. Beth should use ________ to play this game

In the above figure, if the quantity is restricted to 500,000 and the price is allowed to rise to set the quantity demanded equal to the quantity supplied, then area C + area E is equal to

A) deadweight loss. B) consumer surplus. C) total surplus. D) producer surplus. E) total revenue.

Use the economic way of thinking to answer the following question: Does a diabetic need insulin?

A) No B) Yes, and therefore diabetics will always buy all what they need. C) Probably, but diabetics often find substitutes for insulin in the real world. D) Probably, but diabetics only care about the expected cost of insulin and ignore the expected benefits.