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

question 120

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 concert ticket.If the price of one ticket rises from $20 to $38

• A)only three tickets will be sold.
• B)consumer surplus decreases from $62 to $12.
• C)consumer surplus increases from $88 to $142.
• D)no one will buy a ticket.

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Definitions:

Payable On Demand

A financial agreement or instrument that requires payment when requested by the holder.

Unconditional Promise

A commitment made without any stipulations or requirements for its fulfillment.

Relative Permanence

The quality of a negotiable instrument that ensures its longevity.

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