The quantity of gasoline demanded will respond more to a change in price over three weeks than over three years

Which of the following is NOT a scarce resource?

A) Gold B) Pollution C) Petroleum D) iPhones

Which of the following statements is always true? a. An increase in price will lead to an increase in producer surplus along a supply curve. b. An increase in price will lead to an increase in consumer surplus along a demand curve. c. A price ceiling will lead to an increase in consumer surplus

d. A price floor will lead to an increase in consumer surplus.