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

Suppose consumers decrease their consumption expenditure because they worry about what their income will be in the future. There is

A) a rightward shift of the aggregate demand curve. B) an upward movement along the aggregate demand curve. C) a downward movement along the aggregate demand curve. D) a leftward shift of the aggregate demand curve.

Which of the following is NOT studied in microeconomics?

A) the effect of an increase in gasoline taxes on the purchase of gasoline B) the impact of government spending on the unemployment rate C) the impact of firms' hiring choices on their employees' wages D) the impact of higher fuel prices on the cost of airline tickets