In economic models, variables taken as given and not explained by the model are called ________ variables

The difference between the maximum price the consumer is willing to pay and the price the consumer actually pays for a product is referred to as:

a. market surplus b. market shortage c. buyer surplus d. seller surplus.

The Smith family buys much more macaroni when someone in the family is laid off. This means that the Smiths' ____ is negative

a. demand curve for macaroni b. income elasticity for macaroni c. Engel's law d. income e. price elasticity of demand for macaroni