Table 7-7 -Refer to Table 7-7. You Have an Extra Ticket to Extra

Multiple Choice

Table 7-7
-Refer to Table 7-7. You have an extra ticket to the Midwest Regional Sweet 16 game in the men's NCAA basketball tournament. The table shows the willingness to pay of the four potential buyers in the market for a ticket to the game. You hold an auction to sell the ticket. Who makes the winning bid, and what does he offer to pay for the ticket?

A) Michael; $501
B) Michael; more than $400 but less than or equal to $500
C) Earvin; $400
D) Earvin; more than $350 but less than or equal to $400