Use the Following to Answer Question

question 16

Multiple Choice

Use the following to answer question:
Figure: Monthly Demand for Ice Cream Cones
-(Figure: Monthly Demand for Ice Cream Cones) The graph Monthly Demand for Ice Cream Cones shows one individual's monthly demand for ice cream cones. At $5 per cone, this individual will consume 10 cones in a month. How much consumer surplus does this consumer receive?

• A) $100
• B) $50
• C) $150
• D) $500

Explain the concepts of inflation, deflation, and how they are measured.

Understand the quantity theory of money and its implications for the economy.

Recognize the economic costs associated with inflation and how they affect behavior.

Understand how changes in the money supply and demand affect the price level.

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Definitions:

Doctors Without Borders

An international humanitarian medical non-governmental organization known for its projects in conflict zones and in countries affected by endemic diseases.

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Birth defects that affect the structure of the heart and its ability to function properly, present from birth.

Corporate Social Responsibility

Practices by companies that involve initiatives that benefit society and go beyond what may be required by regulators or environmental protection groups.

Voluntary Actions

Behaviors or actions undertaken by an individual or organization by choice, without being compelled or obligated by law.