After eating three slices of pizza you decide to

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5. After eating three slices of pizza, you decide to squeeze in one more piece. Your decision is an example of the economic principle called: 6. The phrase “gains from trade” refers to the: A) gains that one obtains by taking advantage of a temporary discount or “sale” price. B) profits obtained from sales of a good or service. C) increase in total output that is realized when individuals specialize in particular tasks and trade with each other. D) gains that one obtains by taking advantage of an uninformed buyer and selling at a higher than average price.
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ECON 2106 Exam 1 11:00am TR Fall 2010 Version A Page 6 Use the following to answer question 7: Figure: Consumer Surplus
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