15. Nuclear medicine that uses PET and SPECT scanners is only used for oncology.
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Total surplus is the sum of consumer surplus and producer surplus.
Trade allows each person to specialize in the activities he or she does best, thus increasing each individual's productivity.
Suppose the most you would be willing to pay for a plane ticket home is $250, but you buy one online for $175. The consumer surplus of buying the online ticket is ( ).
A. $175.
B. $250.
C. $75.
D. $0.
Like competitive firms, monopolies choose to produce a quantity in which marginal revenue equals marginal cost.