Which of the Following Activities Involve Mary Playing a Game

question 86

Multiple Choice

Which of the following activities involve Mary playing a game of chance?

• A) Mary works eight hours at Dairy Queen and earns a total of $60.
• B) Mary spends $250 on a used video game console.
• C) Mary wins a $1,000 Visa gift card in a competitive food-eating competition.
• D) Mary wins a $500 prize in a business-plan competition.
• E) Mary deposits $5 in a slot machine and does not win anything.

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Definitions:

Deadweight Loss

An economic inefficiency resulting from the failure to achieve or the impossibility of achieving equilibrium in the market for a particular good or service.

Supply Curves

Graphical representations showing the relationship between the price of a good and the quantity of that good that suppliers are willing to provide.

Tax Revenue

The earnings obtained by governments from tax collection.

Consumer Surplus

The contrast between what consumers intend to pay for an item or service and the real cost they bear.