The number of people willing to buy tickets to the Super Bowl is invariably greater than the number of tickets (and seats) available. This is evidence that the price of the tickets is
a. higher than the equilibrium price.
b. equal to the equilibrium price since the number of tickets bought equals the number sold.
c. lower than the equilibrium price.
d. higher than the equilibrium price when the demand is inelastic but lower when the demand is elastic.
C
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Use the following table to answer the next question.YearNominal GDPReal GDPPrice Index15,2004,800--25,500--11235,7505,000--What is the Consumer Price Index in year 1?
A. 105.2 B. 111.5 C. 108.3 D. 109.6
Total output and total income in the circular flow model
A) are measures of the economy's level of savings. B) include only intermediate goods. C) are equal to each other. D) are related because national income is less than national product.
After firm A producing one good acquired another firm B producing another good, it raised the prices for the bundle of goods. One can conclude that the goods were
a. substitutes b. complements c. not related d. None of the above
If Stephanie buys a laptop for $700 and the maximum she would have paid was $1,000, which of the following is true?
a. Stephanie received consumer surplus of $1,000. b. Stephanie received producer surplus of $700. c. Stephanie received a consumer surplus of $700. d. Stephanie received a consumer surplus of $300.