Consumer surplus is equal to the difference between: O A. the minimum price a seller is willing to accept and the market price. O B. the minimum price a buyer is willing to pay and the market price. C. the maximum price a buyer is willing to pay and the market price. O D. the maximum price a seller is willing to accept and the market price.

A black market is O A. a market in which buying and selling occur at prices that violate government price regulations. O B. a market in which participants exchange goods and services without using money. OC. a market in which there is no deadweight loss. O D. a market in which buying and selling occur at legal prices. O E. a market in which there are non-binding price controls.

In 1966, the Catholic Church eliminated the centuries-old requirement that members abstain from eating meat on Fridays. Catholics customarily ate fish on Friday. Given this, economics would predict that o a. the price of fish would increase and the price of meat would fall. o b. the price of both meat and fish would fall. o C. the price of both meat and fish would rise. o d. the price of fish would decrease and the price of meat would rise.

Refer to the graph to the right. After the government imposes a price of $3.50 in this market, area A represents O A. total economic surplus. O B. the producer surplus transferred to consumers. OC. the consumer surplus transferred to producers. O D. a deadweight loss. $3.50 A 3.00 2.0 Quantity (billions of bushels per year) 2.2 1.8 Price (dollars per bushel) D.