Table 4-8 A Country Club Usually Only Allows Members to Purchase Tickets

question 522

Multiple Choice

Table 4-8
A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. The demand and supply schedules are as follows:

-Refer to Table 4-8.If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament and the country club sets the ticket price at $20,then there will be

• A) a shortage of 300 tickets.
• B) a surplus of 300 tickets.
• C) 300 tickets sold.
• D) 600 tickets unsold.

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Definitions:

State And Local Taxes

Taxes levied by individual states and localities, which can include income, sales, property, and other types of taxes.

Broad-Based Taxes

Taxes imposed on a wide range of products, services, or income sources, rather than targeting specific items or activities, designed to spread the tax burden.

Partial Taxes

involve taxation on specific goods, services, or transactions, as opposed to broad-based taxes.

Shifted

Describes a change in position, direction, or tendency, often referring to shifts in market conditions, consumer preferences, or economic indicators.