In the figure above, if the market is at equilibrium, the sum of the total consumer surplus and the total producer surplus is

"If a natural monopoly is regulated using a marginal cost pricing rule, the firm makes zero economic profit." Is the previous statement correct or incorrect? Explain your answer

What will be an ideal response?

When economists say the quantity demanded of a product has decreased, they mean the

a. demand curve has shifted to the left. b. demand curve has shifted to the right. c. price of the product has fallen, and consequently, consumers are buying more of it. d. price of the product has risen, and consequently, consumers are buying less of it.