Table 7-7 -Refer to Table 7-7. You Have Two Essentially Identical Extra

question 370

Multiple Choice

Table 7-7
-Refer to Table 7-7. You have two essentially identical extra tickets 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 two tickets. Michael and Earvin each offer to pay $360 for a ticket, and you sell them the two tickets. What is the total consumer surplus in the market?

• A)$720
• B)$180
• C)$140
• D)$40

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Definitions:

Economic Conditions

The state of the economy at a given time, including factors such as GDP, unemployment rates, and inflation.

Income Velocity of Money

A measure of how quickly money in circulation is used for purchasing goods and services, calculated as the ratio of nominal GDP to a country's total money supply.

Non-interventionists

Advocates or policies favoring minimal political or military involvement by a country in international affairs.

Keynesian Economists

Economists who follow the principles of Keynesian economics, emphasizing the role government policy and fiscal measures play in managing economic cycles.