The consumer surplus is the area a below the supply

8. The consumer surplus is the area
a. Below the supply curve and above the market price
b. Above the supply curve and below the demand curve
c. Above the supply curve and below the market price
d. Below the demand curve and above the market price
9. Economic incidence of a tax refers to 10. The existence of sunk costs implies that The next questions are for 2.5 points each
11. Copa cola and Popsi cola are substitutes. What happens to their respective supply curves if
the costs of a secret input of Copa cola goes up? What is the effect on the equilibrium market
prices and quantities of Copa and Popsi cola?