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

question 392

Multiple Choice

Table 7-7
-Refer to Table 7-7. You have four 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 offer to sell the tickets for $400. How many tickets do you sell, and what is the total consumer surplus in the market?

• A)one ticket; $100
• B)two tickets; $100
• C)two tickets; $0
• D)three tickets; $0

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Definitions:

Social Exchange Theory

A theoretical perspective that views social relationships as transactions where individuals seek to maximize their benefits while minimizing their costs.

Leader-Member Exchange Theory

A concept that centers on the relationship between leaders and their followers, emphasizing the effect of these dynamics on work outcomes.

Relationship

A connection, association, or involvement between two or more parties, individuals, or entities.

LMX

Leader-Member Exchange theory, which focuses on the two-way (dyadic) relationships between leaders and followers.