Author Question: Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a ... (Read 70 times)

Diane · **on:** Jun 29, 2018

Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket falls from 50 to 20

A) only three tickets will be sold. B) everyone will buy a ticket.
C) consumer surplus decreases from 48 to 24. D) consumer surplus increases from 0 to 62.

Question 2

The principle of ________ is that the economic cost of using a factor of production is the alternative use of that factor that is given up.

A) marginal cost B) normative economics
C) entrepreneurship D) opportunity cost