Scenario 12-3 Suppose That Bob Places a Value of $10 on a on a Movie

question 33

Multiple Choice

Scenario 12-3
Suppose that Bob places a value of $10 on a movie ticket and that Lisa places a value of $7 on a movie ticket. In addition, suppose the price of a movie ticket is $5.
-Refer to Scenario 12-3.What is total consumer surplus for Bob and Lisa?

• A) $0
• B) $2
• C) $5
• D) $7

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Definitions:

Balance Of Payments

A statement that summarizes a country’s transactions with the rest of the world, including trade, financial transfers, and investments.

Negative Balance

A situation in financial accounts where the amount spent exceeds the amount available or deposited.

Euro

The common currency in most of Western Europe.

Dollar

The official currency of the United States, also used as a standard monetary unit in many other countries.