If movie theaters began collecting more gross income from ticket sales after lowering ticket prices, we would know
A) movie patrons were not behaving consistently with the law of demand.
B) movie quality must have increased.
C) the demand for movie tickets was elastic.
D) the demand for movie tickets was inelastic.
E) the supply of movies had increased.
C
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Which of the following statements best describes the scientific method?
a. The use of modern electronic testing equipment to understand the world. b. The unbiased development and testing of theories about how the world works. c. The use of controlled laboratory experiments to understand the way the world works. d. Finding evidence to support preconceived theories about how the world works.
Q.E.
What will be an ideal response?
Suppose an economist advises a city's mayor to begin charging drivers a fee to drive on a busy highway during congested times. The mayor does not implement the policy because it would not be popular with voters. Which of the following statements best describes the scenario?
a. This is a common occurrence. The policymaker knows the best policy but chooses not to institute it for other reasons. b. This is a common occurrence. The policymaker usually disregards an economist's advice because they do not believe it is the most efficient policy. c. This is an unlikely occurrence. Most of the time, policymakers follow the advice of economists and institute the most efficient policies. d. This would never happen. Policymakers always follow the advice of economists.
Which of the following gambles should be considered more attractive?
A. If heads, you win $200; if tails, you lose $198. B. If heads, you win $5; if tails, you lose $10. C. If heads, you win $9; if tails, you lose $6. D. If heads, you win $6; if tails, you lose $4.