uestion 15 of 19 > Macmillan Learning Suppose the graph depicts a hypothetical market for concert tickets at a local college venue. Because students are paying such high prices, a price ceiling of $40 per concert is being considered. Move the price ceiling line to correctly depict the price ceiling of $40. 100 90 80 70 Market for Concert Tickets By how much does consumer surplus (CS) increase if the price ceiling is imposed? $ By how much does producer surplus (PS) decrease if the price ceiling is imposed? Price ($) 60 850 40 Price ceiling 30 20 10 D S 0 0 10 20 30 40 50 60 70 80 90 100 Quantity (tickets)
uestion 15 of 19 > Macmillan Learning Suppose the graph depicts a hypothetical market for concert tickets at a local college venue. Because students are paying such high prices, a price ceiling of $40 per concert is being considered. Move the price ceiling line to correctly depict the price ceiling of $40. 100 90 80 70 Market for Concert Tickets By how much does consumer surplus (CS) increase if the price ceiling is imposed? $ By how much does producer surplus (PS) decrease if the price ceiling is imposed? Price ($) 60 850 40 Price ceiling 30 20 10 D S 0 0 10 20 30 40 50 60 70 80 90 100 Quantity (tickets)
Chapter1: Making Economics Decisions
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Transcribed Image Text:uestion 15 of 19 >
Macmillan Learning
Suppose the graph depicts a hypothetical market for concert
tickets at a local college venue. Because students are paying
such high prices, a price ceiling of $40 per concert is
being considered.
Move the price ceiling line to correctly depict the price
ceiling of $40.
100
90
80
70
Market for Concert Tickets
By how much does consumer surplus (CS) increase if the
price ceiling is imposed?
$
By how much does producer surplus (PS) decrease if the
price ceiling is imposed?
Price ($)
60
850
40
Price ceiling
30
20
10
D
S
0
0
10
20
30 40
50 60 70
80 90 100
Quantity (tickets)
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