Producer surplus declines and consumer surplus is unchanged.

Consumer surplus declines and producer surplus is unchanged.

Consumer surplus declines and producer surplus declines.

Producer surplus increases and consumer surplus increases.

the demand for beef is elastic.

the supply of beef is elastic.

the demand for beef is inelastic.

the supply of beef is inelastic.

decreasing opportunity cost.

that technology is improving.

that productivity is falling.

increasing opportunity cost.

related through relative prices of goods and services.

not related in any meaningful way.

used by tax accountants.

used by economists to learn the most efficient level of output.

They are unrealistic because of the assumptions they contain.

They must apply to all countries equally to be true.

They attempt to explain economic behaviour.

They cannot be tested because we cannot do economic "experiments."

traditional, market and monopoly capital

traditional, command and market

monopoly capital, command and market

socialism, communism and command