Exhibit 6.8

-Refer to Exhibit 6.8,which shows the market equilibrium for opera tickets.The graph shows a demand curve for opera tickets labeled D and a supply curve of opera tickets labeled S.The area _____ represents the maximum amount that consumers are willing to pay for 10 opera tickets.

Question

Exhibit 6.8
 
-Refer to Exhibit 6.8,which shows the market equilibrium for opera tickets.The graph shows a demand curve for opera tickets labeled D and a supply curve of opera tickets labeled S.The area _____ represents the maximum amount that consumers are willing to pay for 10 opera tickets.

Quizplus · Accepted Answer

The area under the demand curve (D) up to the quantity of 10 opera tickets (areas a + b + c) represents the total willingness to pay by consumers for those 10 opera tickets, which is the maximum amount they are willing to pay for that quantity.

Exhibit 6.8 -Refer to Exhibit 6.8,which Shows the Market Equilibrium for Opera