The figure above shows the market supply and market demand curves for pizza. If the market is at its equilibrium, what area in the graph above represents:

In the Stackelberg model, the leader has a first-mover advantage because it

A) has lower costs than the follower.
B) commits to producing a larger quantity.
C) reacts to the follower's decision.
D) differentiates its output.

The person least likely to receive a payment from a corporation in a year of losses is the

A. bondholder. B. preferred stockholder. C. common stockholder. D. bank that loaned money to the corporation.