The demand curve for tickets to the George Winston concert (with special guest star, Kenny G) is given as follows: Q = 200 - 0.1P At a price of $30, what is the consumer surplus from concert tickets?
A) $0
B) $20
C) $2,000
D) $1,970
E) $194,045
E
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If a price ceiling of $8 were placed in the market in the graph shown:
A. some surplus is transferred from consumer to producer.
B. some surplus is transferred from producer to consumer.
C. all consumers are made better off.
D. all producers are made better off.
AACSB: Knowledge Application
In 2010, the debt-to-GDP ratio increased to roughly the same ratio as the 1990s
a. True b. False Indicate whether the statement is true or false
When the average cost per unit falls as the number of units produced? rises, it is known as which of the? following?
Recently, salmonella outbreaks occurred due to the contamination of the processing of peanuts. Given this information, it is likely that:
A) The price of peanut products would rise and the quantity of peanut products produced would fall. B) The price of peanut products would rise and the quantity of peanut products produced would rise. C) The price of peanut products would fall and the quantity of peanut products produced would fall. D) The price of peanut products would fall and the quantity of peanut products produced would rise.