Use the Following Information to Answer the Questions

question 34

Multiple Choice

Use the following information to answer the questions:
The accompanying figure depicts the demand (D) curve for general admission concert tickets to see ECON-Jammin', the world's first economics rock band, which is scheduled to visit your city next month. The concert venue can accommodate 100 fans with a marginal cost (MC) of $10 per person.
-ECON-Jammin' has recently discovered that its fans are made up of two distinct groups, which they can easily distinguish. They have decided to utilize their economic knowledge and offer a high-priced ticket of $40 per person and a low-priced ticket of $20 per person. Based on this information, what is the net revenue earned by the sales of the high-priced ticket?

• A) $500
• B) $300
• C) $250
• D) $200
• E) $150

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Definitions:

Coercive Techniques

Methods used to enforce compliance or change behavior through threats or force.

Decision Makers

Individuals or groups with the authority to make choices that determine policies, strategies, or practices.

Political Approach

A method or strategy applied in the analysis or practice of politics, often focusing on the use of power, governance, and policy-making.

Political Realities

The practical considerations and factors that influence politics and decision-making in the real world.