(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) 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.

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Katelyn Keller · Accepted Answer

Final Answer : C, Explanation :  Producer surplus is the difference between what producers are willing to accept for a good versus what they actually receive. If tickets can only be sold for $5, and assuming the minimum prices at which students are willing to sell are all below $5 except for one (not specified in the question but implied by the options), then those who sell their tickets will have a surplus equal to the difference between $5 and their minimum selling price. Without specific prices, we can infer that the total surplus must be relatively low, making option C the most plausible given the information provided.

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