Table 7-7 -Refer to Table 7-7. You Have Two Essentially Identical Extra

question 370

Multiple Choice

Table 7-7
-Refer to Table 7-7. You have two essentially identical extra tickets 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 two tickets. Michael and Earvin each offer to pay $360 for a ticket, and you sell them the two tickets. What is the total consumer surplus in the market?

• A)$720
• B)$180
• C)$140
• D)$40

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Definitions:

Cultural Relativism

The idea that a person's actions and convictions should be interpreted by others within the context of that person's own cultural background.

Nationalist Ideology

A set of beliefs and ideas that emphasizes the interests, culture, or identity of a nation or specific group, often placing it above others.

Maladaptive

Behaviors or responses that are counterproductive to an individual's well-being or survival in their environment.

Adaptive

Characterized by or showing the ability to adjust to new conditions or environments, often used in the context of evolutionary or learning processes.