In the figure above, if the market is at equilibrium, then the total consumer surplus equals the area ________ and the total producer surplus equals the area ________

Refer to the table above. The opportunity cost per dollar of value added in designing shoes by workers in Eduland is ________

A) $0.25 B) $0.50 C) $4 D) $12

American Airlines makes numerous nonstop flights from Chicago's O'Hare Airport to the airport at Dallas-Fort Worth. The distance between those two cities is 1,000 miles. The only variable cost, fuel, costs $.06 for each passenger-mile it flies. Bob, on his way to an emergency business meeting, buys a ticket in coach class for $1,300 at the very last minute. The marginal cost of flying Bob from

Chicago to Dallas-Fort Worth is: a. b and e. b. higher than the average cost of previous passengers. c. $600. d. $160. e. $60.