Suppose that 20,000 tickets were sold at $120 for an NBA game at Madison Square Garden in New York. The game was sold out and some fans could not get tickets. This suggests that
A) selling price was below equilibrium price.
B) selling price was above equilibrium price.
C) selling price was at equilibrium.
D) the game was advertised too heavily.
Answer: A
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Kaitlyn and Larissa have formed a dog bathing and grooming business business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. The opportunity cost of grooming the sixth dog in a day is bathing ________ dog(s)
A) 0 B) 5 C) 6 D) 7
In a closed economy, a decrease in the money supply will
A) shift the aggregate demand schedule to the left. B) shift the aggregate supply schedule to the right. C) shift the IS curve to the left. D) shift the LM curve to the right.
The slope of the demand curve and the price elasticity of demand are
a. basically the same thing b. determined by supply c. are derived from production and distribution costs d. different because slope is based on absolute changes and elasticity is based on percentage changes e. implicit in the shape of the supply curve
Comparisons of GDP between developed and underdeveloped countries are often misleading because underdeveloped countries produce
a. a greater share of their total production in the household sector, which understates their GDP relative to developed countries. b. a smaller share of their total production in the household sector, which understates their GDP relative to developed countries. c. a greater share of their total production in the household sector, which overstates their GDP relative to developed countries. d. a smaller share of their total production in the household sector, which overstates their GDP relative to developed countries.