One In the News article in the text titled "The Real March Madness: Ticket Prices " described how professional scalpers use the Internet to sell hard-to-get tickets to concerts and sporting events. When scalpers resell tickets at prices closer to equilibrium,
A. A market shortage is made larger, and the original sellers reap a profit.
B. A market surplus is made smaller, and the scalpers reap a profit.
C. A market shortage is made larger, and the scalpers reap a profit.
D. A market shortage is made smaller, and the scalpers reap a profit.
Answer: D
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Which of the following is true?
What will be an ideal response?
A price that has been set by agreement between sellers at a price well above the marginal cost of each seller
What will be an ideal response?
Successful monetary policy relies most on:
A. knowledgeable citizens who know how to react to the policy. B. luck. C. the institutional environment. D. having an ample supply of highly qualified people.
If the FDIC eliminated its insurance program for deposits, then
A. banks would probably hold fewer reserves. B. individual depositors would have more incentive to ascertain the soundness and solvency of the bank. C. moral hazard would be increased. D. the banking system would probably fail.