A consumer will continue to purchase items until the budget is exhausted and ________ ________ is equal

________ is defined as a sustained ________ in the price level

A) Inflation; fall B) Deflation; fall C) Deflation; rise D) Answers A and C above are both true.

Economic surplus

A) is equal to the difference between consumer surplus and producer surplus. B) is equal to the sum of consumer surplus and producer surplus. C) does not exist when a competitive market is in equilibrium. D) is the difference between quantity demanded and quantity supplied when the market price for a product is greater than the equilibrium price.