Ticket scalpers at the NCAA basketball tournament last year charged prices high above the printed ticket price. This observation is evidence of
A) a surplus at printed ticket prices.
B) a shortage at printed ticket prices.
C) the tournament not being televised.
D) the tournament getting too much television exposure.
B
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The market mechanism provides a financial incentive for firms to minimize the pollution they create
a. True b. False Indicate whether the statement is true or false
When the consumption of a good or service imposes costs to society that are not reflected in the market price of the good
A. it implies that the good is a public good B. a positive externality arises C. it implies that a renewable resource has been used in the production of the good D. a negative externality arises
My income rose and the price of good Y rose also. That means that my demand curve for good X shifted right.
A. This statement will always be true if good Y is a substitute for good X. B. This statement will always be true if good Y is a substitute for X and X is a normal good. C. This statement will always be true if good X is a normal good. D. This statement is always true.
Refer to the information provided in Figure 34.1 below to answer the question(s) that follow.
Figure 34.1Refer to Figure 34.1. What is the MPC in this economy?
A. 0.5 B. 0.75 C. 0.8 D. cannot be determined from the graph