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 of the tickets is $20
A) the total consumer surplus from the purchase of tickets will be $122.
B) only Violet and Walter will buy tickets.
C) Xavier's consumer surplus is $50.
D) everyone will buy a ticket except for Zachary.
D
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According to your textbook, what is the general rule to follow in order to maximize net revenue?
A) Take any action if, but only if, the expected marginal revenue exceeds the expected marginal cost. B) Take any action you expect will not be copied by your competitors. C) Take as many innovative actions as you can, and leave the copying up to smaller firms in the market because they are least likely to increase their market share. D) Charge the lowest possible price.
In January 2001, the euro/dollar exchange rate was 1.10, and in January 2002, the euro/dollar exchange rate was 1.120 What happened to the exchange rate during this period?
A) Euro appreciated against the dollar. B) Euro depreciated against the dollar. C) Dollar appreciated against the euro. D) Both B and C.
The demand curve for loanable funds slopes down because
A) at lower bond prices more loanable funds will be supplied. B) lower interest rates reduce the inflation rate. C) an increase in the interest rate makes borrowers more willing and able to demand more funds. D) a decrease in the interest rate makes borrowers more willing and able to demand more funds.
Sometimes ignoring that money is fungible can be:
A. useful and help someone stay on budget. B. irrational and lead to costly decisions. C. Both of these are true. D. Neither of these is true.