The figure on the right shows that for the 8,000th ticket, the marginal benefit isand the consumer surplus isPrice (dollars per ticket)140O A. $70; $40120O B. $150,000; $40C. $60; $20O D. $60; $150,000O E. $40; $60100Marketprice80604020:D0 2 4 6 8 10 12 14 16

Marginal benefit: It means an additional satisfaction that a consumer receives when the additional…

Price (dollars per ticket) The figure on the right shows that for the 8,000th ticket, the marginal benefit is _and the consumer surplus is 140 O A. $70; $40 O B. $150,000; $40 OC. $60; $20 O D. $60; $150,000 O E. $40; $60 120 100 Market price 80 60 40 20

Price (dollars per ticket) The figure on the right shows that for the 8,000th ticket, the marginal benefit is _and the consumer surplus is 140 O A. $70; $40 O B. $150,000; $40 OC. $60; $20 O D. $60; $150,000 O E. $40; $60 120 100 Market price 80 60 40 20

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 1PA

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Question

The figure on the right shows that for the 8,000th ticket, the marginal benefit is
and the consumer surplus is
Price (dollars per ticket)
140
O A. $70; $40
120
O B. $150,000; $40
C. $60; $20
O D. $60; $150,000
O E. $40; $60
100
Market
price
80
60
40
20
:D
0 2 4 6 8 10 12 14 16

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