A popular entertainer gives a concert in a 50,000 seat stadium. To give her fans a break, she charges only $50 a seat instead of the customary $75 a seat
At $75 a ticket, there would have been 50,000 tickets sold, and at $50, there are 80,000 people who want tickets. As a consequence of the generosity of the entertainer A) her fans are made better off.
B) a more fair system of pricing the tickets has been found.
C) another type of system will have to be found to allocate the tickets, making some of her fans better off and others worse off.
D) her fans are made worse off since there is an excess demand of 30,000 tickets.
C
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Over the most recent movements from cyclical peak to trough, 1990: Q3 to 1991: Q2, gross private domestic investment ________ approximately ________ percent
A) fell, 40 B) rose, 5 C) fell, 11 D) rose, 22
According to the graph shown, area B represents:
These are the cost and revenue curves associated with a monopolistically competitive firm.
A. profits earned in the short run.
B. consumer surplus.
C. producer surplus.
D. deadweight loss.
Debt grew faster than GDP during and after the recent Great Recession, when the government had to spend more (as for unemployment benefits), while its tax revenue shrank
a. True b. False Indicate whether the statement is true or false
If Al has an absolute advantage over Beth in preparing meals, then:
A. Al's opportunity cost of preparing a meal is lower than is Beth's. B. it takes Al more time to prepare a meal than Beth. C. Al can prepare more meals in a given time period than Beth. D. the problem of scarcity applies to Beth but not to Al.