The figure above shows Lauren's demand curve for Barbie dolls and the market price for Barbie dolls. Using the area of the consumer surplus triangle, Lauren's total consumer surplus from purchasing 3 dolls is

If your lawn and shrubs were killed by the fumes from a nearby factory and you hired a lawyer to sue the polluting firm, your legal fees would be considered

A) external costs. B) transactions costs. C) the social costs of pollution. D) sunk costs.

When a product benefits people other than the buyer of the product, the product is said to have

A) an external cost. B) an excludable cost. C) an external benefit. D) an excludable benefit. E) a subsidized benefit.