If a Price Floor Is Set at $23 in the Market

question 32

Multiple Choice

If a price floor is set at $23 in the market shown in the graph, which area(s) would represent consumer surplus?

• A)A
• B)A + B
• C)A + B + C
• D)A + B + C + D

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Definitions:

Full House

A term used in both real estate, to indicate a fully occupied building, and in poker, to describe a hand containing three cards of one rank and two of another.

Ticket Prices

the cost assigned to purchasing a ticket for an event, such as a movie, concert, or sporting event.

Price Inelastic

A description of a good or service's demand when its quantity demanded is relatively insensitive to changes in its price.

Baseball Cards

Collectible items featuring baseball players, teams, or events, traditionally traded and valued by enthusiasts.