In the above figure, at the equilibrium price and quantity, producer surplus is ________

With the growth of international trade, U.S. antitrust law has become

a. more vague b. more necessary c. less necessary d. stricter e. more likely to enhance consumer welfare

Which of the following statements is true?

a. The United States today comes closer to the socialist form of economic organization than it does capitalism. b. When central planners set prices above equilibrium for goods and services they create shortages. c. According to Karl Marx, under capitalism, workers would be exploited and would revolt against the owners of capital. d. Adam Smith argued that government's role in society would be to do absolutely nothing.