Table 4-5 -Refer to Table 4-5. the Table Above Lists the Highest

question 128

Multiple Choice

Table 4-5

-Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket falls from $50 to $20,

• A) only three tickets will be sold.
• B) consumer surplus decreases from $48 to $24.
• C) consumer surplus increases from $0 to $62.
• D) everyone will buy a ticket.

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Definitions:

Buyers

Entities or groups that buy products or services for private consumption, for selling them again, or for creating other goods.

Tax Burden

The measure of taxation imposed on individuals, businesses, or goods, often expressed as a percentage of income or sales price.

Excise Tax

A tax levied on specific goods, services, or transactions, often to discourage consumption or generate revenue for specific purposes.

Tax Revenue

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