Refer to Table 3-1. If the table represents the lowest amoun…

Refer to Table 3-1. If the table represents the lowest amount these individuals are willing to accept to sell their ownership rights to the Empire Entertainment Record Label and a group of investors offers them each $50 million for their ownership rights, then what would be their combined producer surplus?

Cupid has heard about the law of demand and wants to test th…

Cupid has heard about the law of demand and wants to test this theory that people will buy less of a good as its price increases.  He decides to study the relationship between the price of roses and the quantity of roses that people choose to buy.  He notices that on Friday, February 14th (Valentine’s Day), the price of roses increases, and yet people choose to buy even more Roses.  He concludes that the law of demand is not a valid theory.  Which of the following is true?