Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket rises from $20 to $38
A) consumer surplus increases from $88 to $142. B) consumer surplus decreases from $62 to $12.
C) no one will buy a ticket. D) only three tickets will be sold.
B
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When there is no market for a negative externality, the producer of the externality _____
a. has strong incentive to consider the costs it imposes on others b. will try to create a market c. will limit production of the good producing the externality d. has no incentive to consider the costs it imposes on others
Bill and Bev are playing the ultimatum game, starting with $50 . A coin flip results in Bev being the one to propose a division of the $50 . If Bev acts as economic theory assumes, she should propose that
a. she gets $30 and Bill gets $20. b. she gets $25 and Bill gets $25. c. she gets $24 and Bill gets $26. d. she gets $49 and Bill gets $1.
If two goods are considered substitutes and the price of one decreases, the other good's
A. demand curve will shift to the right. B. demand curve will shift to the left. C. supply curve will shift to the left. D. supply curve will shift to the right.
Refer to Mexico and Japan. What is the cost of producing 1 bushel of food in Mexico?
a. 3 hours of labor.
b. 1/2 bolt of cloth.
c. 1/3 bushel of imported Japanese food.
d. 1/4 bolt of imported Japanese cloth.