The number of seats available in a stadium is fixed at 80,000. The equilibrium price for a ticket to a football game at the stadium is $30. The equilibrium price for a ticket to a baseball game at the stadium is $20. Which of the following is true?

A. The supply of baseball games must be less elastic than the supply of football games.
B. The demand for each baseball game must be lower than the demand for each football game.
C. Football games must be more expensive to produce than baseball games.
D. The demand for baseball games must be more elastic than the demand for football games.


Answer: B

Economics

You might also like to view...

The price elasticity of demand measures the extent to which the quantity demanded changes when

A) the price of the good changes. B) the price of a related good changes. C) the expected future price of a good changes. D) consumer preferences change. E) both the demand and supply of the good change.

Economics

The Phillips curve summarizes the historical relationship between unemployment and inflation

Indicate whether the statement is true or false

Economics

An increase in the money supply should cause the expenditure schedule to shift upward.

Answer the following statement true (T) or false (F)

Economics

What control tool did the Chinese government use to control population mobility?

a. Hukou b. Armed police c. Passport d. Party Committee

Economics