One way to allocate 1,000 (stadium capacity) football tickets priced at $20 to 2,000 would-be buyers is to
a. put the tickets on sale for half price
b. increase market efficiency
c. make the tickets available to more people at the low price
d. use a price ceiling to ensure that the market will remain in equilibrium
e. implement a ration coupon system
E
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The ability to produce a good at a lower opportunity cost than another producer is called
A) absolute advantage. B) comparative advantage. C) specialization. D) protectionism.
The Case in Point on obesity argues that agricultural innovation led to:
A) the increase in the demand for food. B) the increase in the supply of food. C) higher food prices. D) B and C occurred.
Discuss the roles that rising and falling interest rates play in causing shifts of the entire AD curve.
What will be an ideal response?
Which of the following statements is true?
a. Economic theory does not make unrealistic assumptions. b. Economists should not ignore details while focusing on complex problems. c. Abstraction forms an important part of economic analysis. d. The word theory means same for both economists and laymen.