Table 4-2 -Refer to Table 4-2.The Table Above Lists the Highest Prices

question 194

Multiple Choice

Table 4-2

-Refer to Table 4-2.The table above lists the highest prices five consumers are willing to pay for a theater ticket.If the price of one ticket rises from $10 to $19,

• A)only three tickets will be sold.
• B)consumer surplus decreases from $31 to $6.
• C)consumer surplus increases from $44 to $71.
• D)no one will buy a ticket.

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Definitions:

Lessor

The owner of an asset who leases it to another party, known as the lessee, under a lease agreement.

Lessee

An individual or entity that leases an asset from another, the lessor, under the terms of a lease agreement.

Lease Agreement

A contract between two parties where one, the lessor, provides an asset for use to the other, the lessee, for a specific period in exchange for periodic payments.