Use the figure below to answer the following question.If a price ceiling in this market is set at P1, producer surplus is represented as which area on the graph?

According to the Economic Times (09/2012), Standard & Poor's forecast for India's GDP growth rate was cut by 1 percentage point to 5.5 percent as the entire Asia Pacific region feels the pressure of ongoing economic uncertainty

India has averaged 7 percent growth in GDP since 1997. Which of the following is TRUE? A) India's PPF has been shifting rightward since 1997. B) India's PPF has been shifting leftward since 1997. C) India has been moving from a point within its PPF to points beyond its PPF. D) India's PPF has not shifted since 1997.

Refer to the above figure. Suppose that Cheerios and Apple Jacks are substitutes. Which diagram shows the effect on the demand for Cheerios when the price of Apple Jacks cereal has decreased?

A) A B) B C) neither graph D) both graphs