Graphically, the area that represents the difference between the maximum price consumers were willing to pay for a good and the market price is called

Which of the following statements is true?

A) A nation's institution comprises of the rules and regulations in the nation, while a nation's culture comprises of the saving habits of its citizens. B) A nation's culture comprises of both the saving habits of its citizens and the rules and regulations in the nation. C) A nation's culture comprises of both the ongoing tax rate and the rules and regulations in the nation. D) A nation's culture comprises of the ongoing tax, while a nation's institutions comprises of the rules and regulations in the nation.

Refer to Table 2-2. Assume Billie's Bedroom Shop only produces pillows and blankets. A combination of 27 pillows and 14 blankets would appear

A) along Billie's production possibilities frontier. B) inside Billie's production possibilities frontier. C) outside Billie's production possibilities frontier. D) at the vertical intercept of Billie's production possibilities frontier.