In Figure 32.1, at the market price-quantity combination where production is unlimited, and the government buys the excess, the consumer surplus is Image

Both optimization in levels and optimization in differences:

A) consider only the benefits from different alternatives. B) consider only the costs incurred in different alternatives. C) provide identical answers when comparing two alternatives. D) require the calculation of change in net benefits of switching from one alternative to another.

To calculate the ________ of an alternative, an individual needs to estimate ________ of the alternative

A) marginal benefit; total cost B) marginal cost; total benefit C) opportunity cost; total benefit D) net benefit; both cost and benefit