Table 4-12 A Country Club Usually Only Allows Members to Purchase Tickets

question 285

Multiple Choice

Table 4-12
A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. The demand and supply schedules are as follows:
-Refer to Table 4-12. If only members are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price?

• A)$10
• B)$15
• C)$20
• D)$25

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Definitions:

Closed Economy

An economic system that does not engage in international trade with outside countries and relies wholly on its own resources.

Loanable Funds

The funds available for borrowing in the financial markets, consisting of savings and sometimes bank loans that are available to be lent to businesses and individuals.

Interest Rate

The rate at which borrowers are charged for accessing assets, specified as a percentage of the original sum borrowed.

Desired Saving

The portion of income that households choose to save rather than spend on consumption.