Phil and Kelly have always wanted to take a cruise. Although willing to pay $5,000 for a Caribbean cruise for two, they were able to purchase a cruise vacation for two for $3,500 . Their total consumer surplus amounted to:

In the diagram below, draw a straight line with a slope of zero

What will be an ideal response?

In the long run, a reduction in labor supply would cause output to ________ and the aggregate price level to ________

A) fall; rise B) fall; fall C) rise; fall D) rise; rise