QUESTION 61 From the list on your right select the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed on the left. "There is no such thing as a free lunch." A. consumer's surplus Although increased government investments in infrastructure saved or B. The Budget Constraint line rotates clockwise created 1.1 million jobs in construction industry and 400,000 jobs in C. A society that produces at a point above its PPF. manufacturing by March 2011, the U.S. unemployment rate for the month was still 8.8% D. Perfectly elastic demand A downward sloping curve that is bowed outward E. Each time a choice is made opportunity costs are incurred. Represents a situation where it is possible to increase production in one area F. APPF with constant or decreasing opportunity cost without reducing in another G. Negative marginal utility If Hurricane Harvey reduces both demand and supply of natural gas H. The Budget Constraint shifts inward The difference between the maximum price a person is willing and able to 1. Productive inefficient pay and the actual price he/she paid J. Increase price to raise revenue Price elasticity of demand for good X is 2.5 K. The Law of Diminishing Marginal Utility A small increase in price of a good reduces quantity demanded to zero L. Equilibrium price for the item will necessarily increase Total utility declines as the quantity consumed of a good increases M. A normative microeconomics statement Income declines N. A PPF with increasing opportunity cost O. A positive macroeconomics statement. P. Perfectly inelastic demand Q. Decrease price to raise revenue R. A situation of no-exchange. S. Equilibrium price for the item can increase, decrease, or remain the same