A fireworks show has been arranged in a park. The ticket for the show is $5 but only 40% of the tickets get sold as spectators can watch the show without entering the park. This is an example of ________
A) the free-rider problem
B) the paradox of thrift
C) the paradox of plenty
D) the tragedy of the commons
A
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If the income of buyers increases and a company maintains the same price, what is the most likely impact on quantity sold? Explain. Draw a graphical display of the result.
What will be an ideal response?
With fixed costs of $200, a firm has average total costs of $5 and average variable costs of $3 . Its output is: a. 66.67 units
b. Need more information c. 100 units. d. 40 units.
Which of the following is a difference between panel and pooled cross-sectional data?
A. A panel data set consists of data on different cross-sectional units over a given period of time while a pooled data set consists of data on the same cross-sectional units over a given period of time. B. A panel data set consists of data on the same cross-sectional units over a given period of time while a pooled data set consists of data on different cross-sectional units over a given period of time C. A panel data consists of data on a single variable measured at a given point in time while a pooled data set consists of data on the same cross-sectional units over a given period of time. D. A panel data set consists of data on a single variable measured at a given point in time while a pooled data set consists of data on more than one variable at a given point in time.
Which of the following examples would most likely be the most elastic?
a. chair b. diamond ring c. eggs d. ladder