Based solely on the graph showing the effective federal funds rate, if you were a borrower with the goal of locking in a thirty-year mortgage with a very low interest rate, which of the following years would have been the best one to take out your loan?

Producer surplus is:

a) equal to the area under the supply curve. b) the difference between the maximum price consumers are willing to pay and the minimum price producers are willing to accept. c) the total amount paid for the good. d) the price received for a good minus its marginal cost, summed over the quantity sold. e) equal to the opportunity cost of production.

The payment for current rather than future command over resources is

A) an implicit cost. B) an implicit benefit. C) interest. D) opportunity cost.