If Ming Is Willing to Pay $75 to Attend the Broadway

question 36

True/False

If Ming is willing to pay $75 to attend the Broadway production of The Lion King but actually pays $40, she receives a consumer surplus of $35.

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Definitions:

Constitutional Convention

The gathering that took place in 1787 in Philadelphia, where the Constitution of the United States was drafted and signed.

Alien and Sedition Acts

A series of laws passed in 1798 that made it harder for new immigrants to vote and criminalized making false statements against the federal government.

Virginia

A state located on the Eastern coast of the United States, known for its significant role in the American Revolution and as the birthplace of many U.S. presidents.

Kentucky Resolutions

Political statements crafted in 1798 and 1799, arguing that the states have the right and the duty to declare unconstitutional any acts of Congress that were not authorized by the Constitution.