Table 5.2 -Refer to Table 5.2.The Table Above Lists the Highest Prices

question 173

Multiple Choice

Table 5.2
-Refer to Table 5.2.The table above lists the highest prices five consumers are willing to pay for a theatre ticket.If the price of one of the tickets is $18,

• A)Anya and Basil will each buy two tickets.
• B)Basil will receive $2 of consumer surplus from buying one ticket.
• C)Anya and Basil receive a total of $26 of consumer surplus from buying one ticket each.No one else will buy a ticket.
• D)Celeste, Dralon, and Esther will receive a total of $34 of consumer surplus since they will buy no tickets.

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Definitions:

Probability

An indicator of how probable an event is to happen, represented by a numerical value ranging from 0 to 1.

Probability

The likelihood or chance that a particular event will happen, quantifiable as a value between zero (impossible) and one (certain).

Independent

Pertains to variables or events that are not influenced or affected by each other.

P(A ∪ B)

The likelihood that either event A or event B, or both, will happen.