Use the following to answer questions: 
-(Table: Consumer Surplus) Look at the table Consumer Surplus. Assume that each student wants to buy one ticket. If the price of a ticket to see The Nutty Nutcracker is $50, Narum's consumer surplus is:
Definitions:
Standard Rate
A predetermined cost for materials, labor, and overhead set for computing variances and budgeting purposes.
Direct Labor Hours
The total hours worked by employees directly involved in manufacturing a product or delivering a service.
Materials Price Variance
The difference between the actual cost of materials and the expected (standard) cost, used to evaluate budgeting efficiency.
Materials Quantity Variance
The difference between the actual quantity of materials used in production and the standard amount expected, multiplied by the standard cost.
Q42: Suppose you are told that the short-run
Q49: A price floor or a price ceiling
Q81: (Figure: Quantity Controls) Look at the figure
Q84: A decrease in supply with no change
Q108: The government decides to impose a price
Q118: (Figure: The Demand Curve) Look at the
Q151: An increase in the price of contact
Q181: When a monopolist prevents mutually beneficial trades
Q182: Mountain River Adventures offers whitewater rafting trips
Q264: (Figure: The Demand Curve) Look at the