Use the Following Information to Answer the Questions

question 114

Multiple Choice

Use the following information to answer the 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.
-If ECON-Jammin' charges a single price for their concert tickets and follows the profit-maximizing rule for the perfectly competitive firm, what will be the price that is charged?

• A) $50 per ticket
• B) $45 per ticket
• C) $40 per ticket
• D) $35 per ticket
• E) $30 per ticket

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Definitions:

Part-Time Job

Employment with fewer hours per week than a full-time job, often offering less benefits and lower wage compared to full-time positions.

Married Filing Jointly

A filing status for married couples that have chosen to combine their income and deductions on a single tax return.

Divorced

A marital status indicating that a person has legally ended their marriage.

Income Tax Return

A document filed with a tax authority that reports income, expenses, and other pertinent tax information, used to calculate tax liability.