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

question 51

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 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.

---

Definitions:

Elite Theory

posits that societal power is concentrated in the hands of a small, elite group, and that this minority makes the most important political decisions.

Self-Interest

Actions or decisions motivated by personal gain or benefit, often used in the context of economic behaviors and theories.

Elite Theory

A theory in political science and sociology that suggests that societies are divided into a ruling elite and the masses, with the elite exercising significant power regardless of governmental organization.

Government Decisions

Actions or determinations made by the governing authorities of a state, affecting public policy or the administration of society.