Table 7-4 the Numbers in Table 7-1 Reveal the Maximum Willingness to Willingness

question 375

Multiple Choice

Table 7-4
The numbers in Table 7-1 reveal the maximum willingness to pay for a ticket to a Chicago Cubs vs. St. Louis Cardinal's baseball game at Wrigley Field.

-Refer to Table 7-4.If tickets sell for $20 each,then what is the total consumer surplus in the market?

• A) $5
• B) $30
• C) $40
• D) $75

Recognize the role of scarce resources, technology, and scale economies in the formation of monopolies.

Understand the concept of natural monopolies and recognize examples in the economy.

Identify and understand barriers to entry in monopoly markets.

Assess the long-term sustainability of monopoly power under different conditions.

---

Definitions:

Self-Interest

That which each firm, property owner, worker, and consumer believes is best for itself and seeks to obtain.

Behavioral Economists

Researchers who study the psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions and how those decisions vary from those implied by classical theory.

Ethical Considerations

Refers to the moral principles and values that govern the actions and decisions in a work environment or study.

Behavioral Economics

An area within economics that investigates the influence of emotional, psychological, cognitive, social, and cultural elements on the economic decision-making of both individuals and institutions.