-Use the Figure Above to Answer This Question

question 30

Multiple Choice

-Use the figure above to answer this question.Figure ________ shows a short-run equilibrium in good times because the firm makes a(n) ________.

• A) A; economic profit
• B) A; normal profit
• C) B; normal profit
• D) B; economic loss
• E) C; normal profit

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Definitions:

Willing To Pay

The maximum amount a consumer is prepared to spend on a good or service, reflecting the perceived value or utility gained from the purchase.

Ticket

A token or voucher that entitles the holder to admission to an event, activity, or service.

Consumer Surplus

the difference between what consumers are willing to pay for a good or service and what they actually pay.

Market Price

The price at which a product or service is sold in the open market, determined by supply and demand.