Suppose coffee prices, gasoline prices, and concert ticket prices are all sharply higher this year compared to last year. The economy is experiencing

The argument that society should be in favor of changes that benefit some people without making others worse off is known as

A) a positive externality. B) the Coase Theorem. C) the cost-benefit principle. D) the Pareto principle.

A surplus of wheat:

a. is impossible if people are hungry. b. is impossible if the price of wheat is below equilibrium. c. will result when the quantity demanded exceeds the quantity supplied at the current price. d. is unlikely to cause any change in the price of wheat. e. indicates that the problem of scarcity of wheat has been solved.