Suppose the inverse supply curve in a market is Q = 6p2. If price decreases from 5 to 4, the change in producer surplus is

Winners of the Jackson City Lottery prize of $10 million are paid $1 million per year for ten years. Paid out in this form, this prize is

a. worth less than $10 million because the payment is deferred over time b. worth more than $10 million because the payments remain constant for the next ten years c. worth more than $10 million because the tax burden on the smaller payments is less d. worth exactly $10 million e. not worth $10 million only if the interest rate is positive

The steepness of a curve is partially determined by the units of measurement

a. True b. False Indicate whether the statement is true or false