After tickets for a major sporting event are purchased at the official box office price, a market often develops whereby these tickets sell at prices well above the official box office price
Which of the following scenarios would NOT be able to explain this result? A) The official price was below equilibrium from the moment the tickets were available.
B) Increased publicity causes the demand curve for the event to shift rightward.
C) The event was not a sellout.
D) Not everyone who wanted a ticket was able to buy one at the box office.
C
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A country's capital stock decreased after a war while its labor supply remained constant. Which of the following will happen in this case if output is a function of capital and efficiency units of labor?
A) Its total output will remain constant. B) Its total output will decrease. C) Its per capita output will remain constant. D) Its per capita output will increase.
A college must decide if it wants to offer more adult literacy classes. This decision involves answering the economic question of "what to produce."
Indicate whether the statement is true or false
Consider the following: The relative price of movies this year has
A) increased. B) decreased. C) stayed the same. D) Not enough information has been given to calculate an answer.
Advertising never makes sense for an oligopolistic firm.
Answer the following statement true (T) or false (F)