Use the Following Information to Answer the Questions

question 120

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 to see its band in concert and follows the profit-maximizing rule for the perfectly competitive firm, how many people will attend the concert?

• A) 50
• B) 40
• C) 30
• D) 20
• E) 10

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Definitions:

Depositor's Account

An account maintained at a bank or other financial institution where funds are held in the depositor's name and can include both checking and savings accounts.

Stop-Payment Order

A request made to a bank to cancel a check or payment that has not been processed yet.

Bankruptcy Petition

A formal request filed by an individual or business entity declaring inability to pay outstanding debts, seeking relief through bankruptcy court.

Stale Check

A check that is more than 90 days past the date on its face; banks do not owe a duty to their customers to pay any such checks more than six months past the dates on their face.