Refer to Figure 15-12. What is the amount of consumer surplus if, instead of monopoly, the industry was organized as a perfectly competitive industry?

The age-earnings profile for most people indicates

A) earnings rise continually until a person retires. B) earnings initially decline and then rise continually until retirement. C) that when you adjust for inflation, earnings are constant throughout the entire workplace experience. D) earnings rise until the age of about 50 and then begin to fall until retirement.

How much would be added to this year's GDP if you sold your four-year-old automobile for $4,000 and purchased a two-year-old model from an acquaintance for $10,000

a. nothing b. $6,000 c. $10,000 d. $14,000