Homework Clinic
Social Science Clinic => Economics => Topic started by: cnetterville on Jun 29, 2018
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If movie theaters began collecting more gross income from ticket sales after lowering ticket prices, we would know
A) movie patrons were not behaving consistently with the law of demand.
B) movie quality must have increased.
C) the demand for movie tickets was elastic.
D) the demand for movie tickets was inelastic.
E) the supply of movies had increased.
Question 2
Refer to the figure above. What is the producer surplus after Lithasia opens up to free trade?
A) 2
B) 3
C) 6
D) 9
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Answer to Question 1
C
Answer to Question 2
B