The total consumer surplus enjoyed by all consumers in a market
a. exceeds the market price
b. is measured by the area under the market demand curve
c. is measured by the area beneath the market price
d. is a Pareto improvement
e. is called market consumer surplus
E
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Gross national product is defined as
A) the value of final goods and services produced by residents of the United States even if the production takes place outside of the United States. B) the value of final goods and services produced within the United States, by United States residents. C) the value of final goods and services produced outside of the United States. D) the value of final goods and services produced within the United States.
Deflation refers to time periods when the buying power of money in terms of goods and services decreases
a. True b. False Indicate whether the statement is true or false