Table 7-7 -Refer to Table 7-7. You Have an Extra Ticket to Extra

question 386

Multiple Choice

Table 7-7
-Refer to Table 7-7. You have an extra ticket to the Midwest Regional Sweet 16 game in the men's NCAA basketball tournament. The table shows the willingness to pay of the four potential buyers in the market for a ticket to the game. You hold an auction to sell the ticket. Michael bids $410 for the ticket, and you sell him the ticket. What is his consumer surplus?

• A)$410
• B)$90
• C)$10
• D)$0

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Definitions:

Value Congruence

Occurs when individuals express positive feelings upon encountering others who exhibit values similar to their own.

Meglino's Value Schema

A conceptual framework that categorizes individual values based on their influence on behavior in organizational settings, often focusing on work ethic, honesty, and altruism.

Achievement Values

principles that emphasize the importance of setting and meeting high standards and accomplishments.

Helping Values

Core principles that emphasize the importance of providing support, assistance, and kindness to others.