Use the Following Information to Answer the Following Questions: the Accompanying

question 37

Multiple Choice

Use the following information to answer the following questions: The accompanying figure depicts the demand (D) curve for general admission concert tickets to see ECON-Jammin',the world's first economics rock band,which is scheduled to visit your city next month.The concert venue can accommodate 100 fans with a marginal cost (MC) of $10 per person.

-ECON-Jammin' has recently discovered that its fans are made up of two distinct groups that can be easily distinguished.The band has decided to utilize its economic knowledge and offer a high-priced ticket of $40 per person and a low-priced ticket of $20 per person.Based on this information,what is the net revenue earned by the sales of the high-priced ticket?

• A) $500
• B) $300
• C) $250
• D) $200
• E) $150

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Definitions:

Motivates Behavior

Drives or urges that prompt individuals to act in certain ways to achieve specific outcomes.

Anticipatory Goal Response

Stimuli associated with reward produce a conditioned arousal response, which motivates an approach to the reward.

Internal State

The condition or situation within an organism or object, often referring to physiological or emotional states not visible externally.

Extinction

The elimination or suppression of a response caused by the discontinuation of reinforcement or the removal of the unconditioned stimulus.