Table 7-6 -Refer to Table 7-6

question 293

Multiple Choice

Table 7-6
$$\begin{array} { | l | c } \hline \text { Buygr } & \text { Willingrins to Pay } \\\hline \text { Michad } & \$ 500 \\\hline \text { Farvin } & \$ 400 \\\hline \text { Larry } & \$ 350 \\\hline \text { Charles } & \$ 300 \\\hline\end{array}$$
-Refer to Table 7-6. You are selling 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. Which of the following graphs represents the market demand curve?

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Definitions:

Utility

In economics, the satisfaction or benefit derived from consuming a good or service.

Consumer Surplus

The distinction between what consumers are willing and financially able to pay for a good or service versus the actual payment they make.

Vending Machine

An automated machine that provides items such as snacks, beverages, cigarettes, or lottery tickets to consumers after money, a credit card, or a specially designed card is inserted into the machine.

Consumer Surplus

The difference in the collective amount that consumers are poised and able to expend on a product or service and the amount they actually expend.