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a. 1. Welfare economics is the study of the well-being of less fortunate people. b. welfare programs in the United States. c. how the

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a. 1. Welfare economics is the study of the well-being of less fortunate people. b. welfare programs in the United States. c. how the allocation of resources affects economic well-being. d. the effect of income redistribution on work effort. 2. On a graph, the area below a demand curve and above the price measures a. producer surplus. b. consumer surplus. c. deadweight loss. d. willingness to pay.

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