Consumer surplus is: Question 16 Answer saved Select one: Points out of a. reflected by the area under the demand curve but above the price 5.00 O b. the difference between the most a consumer would pay for a given Flag question quantity of a good and what the consumer actually pays O c. both a. and b. above Clear my choice Question 17 You are looking at cost curves. The value associated with the marginal cost Not yet (MC) on the graph is higher than the value associated with the corresponding answered average variable cost. (AVC). In other words MC is above AVC. This means: Points out of 5.00 Select one: Til P Flag question a. average variable cost (AVC) is increasing b. average variable cost (AVC) is falling c. average variable cost (AVC) is remaining constant d. none of the above Question 18 Answer saved Points out of indifference curves: Identity the statement or statements below which represent properti 3.00 Select one