ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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inconvenience the public.
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reduce the audience for cultural and sports events.
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waste police officers’ time.
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keep the cost of tickets to all consumers low.
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Detailed explanation-1: -Black market A market in which buying and selling take place at prices that violate government price regulations. Consumer surplus The difference between the highest price a consumer is willing to pay for a good or service and the price the consumer actually pays.
Detailed explanation-2: -Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price.
Detailed explanation-3: -Consumer surplus always increases as the price of a good falls and decreases as the price of a good rises.
Detailed explanation-4: -other things being equal, when the price (P) of a good or service falls, the quantity demanded increases. Conversely, if the price (P) of a good or service rises, the quantity demanded decreases. The individual demand schedule shows the relationship between the price of the good and the quantity demanded.