Table 4-5 $\begin{array}{|l|l|} \hline \text { Consumer } & \text { Willingness to Pay } \\ \hline \text { Violet } & \$ 48 \\ \hline \text { Walter } & 40 \\ \hline \text { Xavier } & 30 \\ \hline \text { Yolanda } & 24 \\ \hline \text { Zachary } & 14 \\ \hline \end{array}$ -Refer to Table 4-5.The table above lists the highest prices five consumers are willing to pay for a concert ticket.If the price of one ticket rises from $20 to $38

A) only three tickets will be sold. B) consumer surplus decreases from $62 to $12. C) consumer surplus increases from $88 to $142. D) no one will buy a ticket. A) only three tickets will be sold. B) consumer surplus decreases from $62 to $12. C) consumer surplus increases from $88 to $142. D) no one will buy a ticket.

Table 4-7 $\begin{array}{|c|c|c|} \hline \begin{array}{c} \text { Hourly Wage } \\ \text { (dollars) } \end{array} & \begin{array}{c} \text { Quantity of } \\ \text { Labor } \\ \text { Supplied } \end{array} & \begin{array}{c} \text { Quantity of } \\ \text { Labor } \\ \text { Demanded } \end{array} \\ \hline \$ 7.50 & 530,000 & 650,000 \\ \hline 8.50 & 550,000 & 630,000 \\ \hline 9.50 & 570,000 & 610,000 \\ \hline 10.50 & 590,000 & 590,000 \\ \hline 11.50 & 610,000 & 570,000 \\ \hline 12.50 & 630,000 & 550,000 \\ \hline \end{array}$ Table 4-7 shows the demand and supply schedules for the labor market in the city of Pixley. -Refer to Table 4-7.Suppose that the quantity of labor supplied decreases by 80,000 at each wage level.What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?

A) W = $8.50; Q = 550,000 B) W = $12.50; Q = 550,000 C) W = $8.50; Q = 630,000 D) W = $11.50; Q = 610,000 A) W = $8.50; Q = 550,000 B) W = $12.50; Q = 550,000 C) W = $8.50; Q = 630,000 D) W = $11.50; Q = 610,000