The difference between the lowest price a firm would have been willing to accept and the price it actually receives from the sale of a product is called

When government pays individuals to purchase pollution-reducing devices, that payment is called a subsidy

Indicate whether the statement is true or false

The text discusses the projected increases in the claims on the economy by entitlement programs between the mid 1990s and 2035 . It argues that

a. the projected growth of Medicare claims far outstrips that of Social Security b. as a percentage of GDP, both Medicare costs and Social Security costs will fall c. age and health-care demands are related with the majority of claimants being the young d. the rate of growth of Social Security payments will be higher than the rates for either Medicare and Medicaid e. Social Security and Medicare costs will remain at about the same percent of GDP