Sammy has a drone that he values at $1,500. Dean values the same drone at $2,000. Sammy decides to sell the drone to Dean for $1,800. What is the total cooperative surplus gained as a result of this trade?

The underground economy refers to

a. all market activity that goes unreported to the government b. all market activity that is not subject to government taxation c. all illegal activity d. transactions between U.S. citizens and foreign nationals e. rent-seeking activities on the part of private citizens

Through collective bargaining,

a. representatives of an employer negotiate with the rank and file of the union membership b. union and nonunion members combine forces in negotiation c. craft and industrial unions combine forces in negotiation d. contracts are worked out between representatives of the union and employer representatives e. union workers must accept contracts negotiated by their representatives