If the most someone is willing to pay for ticket to see their favorite team is $100 and the market price of the ticket is $35, then this buyer will get consumer surplus of
A. 1 ticket.
B. $35.
C. $65.
D. $100.
Answer: C
You might also like to view...
The largest and costly welfare program in the U.S. is:
a. Social Security. b. Medicaid. c. Medicare. d. Unemployment Insurance.
Europe had refused to import genetically modified food products. The WTO ruled that:
a. if Europe was afraid of these products, it could put an import ban on them. b. Europe needed to base its ban on scientific evidence rather than because of fear about something unproven. c. Europe could declare a moratorium until an investigation could be undertaken. d. the products could be treated and then they would be safe.
Analysis of U.S. budget deficits in the United States between 1990 and 2000 indicates that which of the following is primarily responsible for the reduction in the budget deficit?
A) decrease in spending B) increase in tax revenues C) decrease in spending and increase in tax revenues D) lower interest rates E) increases in tax rates
In a perfectly competitive labor market, the wage rate paid by the individual firm is
A. the equilibrium market wage rate. B. a function of the tax system. C. below the equilibrium market wage rate. D. dependent on the demand for the product.