Use the following to answer questions:
-(Table: Producer Surplus and Phantom Tickets) The table Producer Surplus and Phantom Tickets shows the minimum price at which each of the students is willing to sell a ticket to Phantom of the Opera. Assume that each student has only one ticket to sell. Given the information in the table, if these students can sell their Phantom tickets for only $5, then:
A) Tim will be the only student not to sell his ticket.
B) Laura, Whitney, Ralph, and Rick will sell their tickets.
C) the total producer surplus for the five students will be $4.
D) the total producer surplus for the five students will be $330.

Question

Use the following to answer questions: 
-(Table: Producer Surplus and Phantom Tickets) The table Producer Surplus and Phantom Tickets shows the minimum price at which each of the students is willing to sell a ticket to Phantom of the Opera. Assume that each student has only one ticket to sell. Given the information in the table, if these students can sell their Phantom tickets for only $5, then:
A) Tim will be the only student not to sell his ticket. 
B) Laura, Whitney, Ralph, and Rick will sell their tickets. 
C) the total producer surplus for the five students will be $4. 
D) the total producer surplus for the five students will be $330.

Quizplus · Accepted Answer

The total producer surplus is calculated by subtracting the minimum price each student is willing to accept from the actual selling price ($5) for those who sell. If the selling price is lower than their minimum price, they won't sell, resulting in a producer surplus of $0 for them.

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