Suppose the Most You Would Be Willing to Pay for a Plane

question 94

Multiple Choice

Suppose the most you would be willing to pay for a plane ticket home is $250. If you buy one for $175, then your economic surplus is:

• A)$250.
• B)$175.
• C)$75.
• D)$0.

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Definitions:

Social Network Analysis

A methodological approach used to analyze social structures through the use of networks and graph theory by identifying relationships and flows between people, groups, organizations, computers, URLs, and other connected information/knowledge entities.

Observational Measurement

A method of data collection that involves systematically recording the behaviors or characteristics of subjects in their natural settings.

Surveys

A method of gathering information from a sample of individuals through their responses to questions.

Independent Variable

The variable in an experiment that is manipulated or changed by the researcher to observe its effects on the dependent variable.