Table 7-6 -Refer to Table 7-6.You Have Two Essentially Identical Extra Tickets

question 209

Multiple Choice

Table 7-6

-Refer to Table 7-6.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.Who makes the winning bids,and what do they offer to pay for the tickets?

• A) Michael and Earvin; more than $350 but less than or equal to $400
• B) Michael and Earvin; more than $400 but less than or equal to $500
• C) Earvin and Larry; more than $300 but less than or equal to $350
• D) Larry and Charles; less than $300

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Definitions:

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing to offer for sale at each price level.

Sugary Soft Drinks

Beverages that contain added sugar or sweeteners to enhance flavor, often associated with negative health effects when consumed in excess.

Elastic Demand

A situation in which the quantity demanded of a good or service significantly changes in response to a change in price.

Tax Revenue

The income that is gained by governments through taxation, which is then used to fund public services and goods.