Refer to the graph below. The supply curve in this event-ticket market is vertical because:
The graph below shows the market for tickets to a "Final Four" sports event. Assume that there is only one kind of ticket to the event.
A. The organizers are selling a fixed number of tickets
B. The organizers are charging a fixed price for the tickets
C. There are a fixed number of buyers in the market
D. The government has regulated the selling of the tickets
A. The organizers are selling a fixed number of tickets
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The railroad companies of Pacific Union and Central Pacific were both built with massive government subsidies often on a per-mile basic in the late 19th century, which created railroad monopolies. Both failed soon after completion of their lines
The Great Northern railroad took much longer to build since it was completed without government subsidies. It turned out to be much more successful than either Pacific Union or Central Pacific. What could account for this apparent disparity?
Is the developing world moving toward centralized planning or free markets? Justify your answer
What will be an ideal response?
What do clean air in New York City and elephants in Africa have in common?
a. They are both common resources. b. They are both public goods. c. They are both club goods. d. Both are excludable.
Which of the following cost functions exhibits economies of scope when three (3) units of good one and two (2) units of good two are produced?
A. C = 5 + Q1Q2 + Q12Q22. B. C = 50 ? 5Q1Q2 + 0.5Q12 + Q22. C. C = 15 + 5Q1Q2 + 2Q1 + 4Q2. D. C = 10 + 4Q1Q2 + Q12 + Q22.