D Question 8 1 pts The supply curve represents Both of these cost of production willingness-to-sell Neither of these Next Previous Question 9 1 pts Market equilibrium is efficient because It maximizes total surplus It gets the producers the highest profit It gets consumers the greatest value from consumption None of these are true - Previous Next Question 10 1 pts Which of the following systems most incentivizes individual effort and hard work? Capitalism Communism Socialism Marxism Next Previous Question 11 1 pts Suppose Larry, Moe, and Curly are bidding in an auction for a mint condition video of Charlie Chaplin's first movie. Each has in mind a maximum amount that he will bid. This maximum is called willingness to pay. consumer surplus. a resistance price. a winning bid. Question 12 1 pts Tom tunes pianos in his spare time for extra income. Buyers are willing to pay $155 per tuning. One particular week, Tom is willing to tune the first piano for $120, second piano for $125, third piano for $140, and fourth piano for $160. Assume Tom is rational in deciding how many pianos to tune. How many pianos will he tune? 03