Table 7-7 -Refer to Table 7-7. You Have an Extra Ticket to Extra

question 386

Multiple Choice

Table 7-7
-Refer to Table 7-7. You have an extra ticket to the Midwest Regional Sweet 16 game in the men's NCAA basketball tournament. The table shows the willingness to pay of the four potential buyers in the market for a ticket to the game. You hold an auction to sell the ticket. Michael bids $410 for the ticket, and you sell him the ticket. What is his consumer surplus?

• A)$410
• B)$90
• C)$10
• D)$0

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Definitions:

LEO

Low Earth Orbit, referring to the orbit of a satellite at an altitude between 160 to 2,000 kilometers above Earth's surface.

MEO

Medium Earth Orbit, a region of space around the Earth above low Earth orbit and below geostationary orbit, typically used for satellites, including those for navigation systems like GPS.

Microwave

An electromagnetic wave with a wavelength in the range of 1 millimeter to 1 meter; also refers to a kitchen appliance using microwaves to heat or cook food.

Radio

A technology that uses electromagnetic waves to transmit or receive sound and other types of data over long distances without wires.