When the price of NBA tickets is $25 each, 30,000 tickets are sold. After the price rises to $30 each, 20,000 tickets are sold. At the original price, the demand for NBA ticket is:
A. inelastic.
B. elastic.
C. perfectly elastic.
D. unit elastic.
Answer: B
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Suppose that the U.S. Open ticket costs $100 and the British Open ticket costs £50 and the exchange rate is $1.43. How much does the British Open ticket cost for an American attending the British Open?
What will be an ideal response?
The figure below shows the demand for items from a warehouse club. All of the people who shop at the warehouse club have the same demand. If the managers set a single price, so that all customers pay the same price for every item they buy, the firm makes an economic profit of ________ and if the managers use two-part pricing, the firm makes an economic profit of ________.
A) $40 million; $80 million
B) $60 million; $80 million
C) $40 million; $60 million
D) $0; $80 million
The total of individual payoffs in the grand coalition must be less than the value the coalition earns
Indicate whether the statement is true or false