The number of seats available in an arena is fixed at 20,000. The equilibrium price for a ticket to a basketball game at the arena is $75. The equilibrium price for a ticket to the circus at the arena is $25. Which of the following is true?
A. The demand for each circus performance must be greater than the demand for each basketball game.
B. The demand for each basketball game must be more than the demand for each circus performance.
C. The supply of circus performances must be less elastic than the supply of basketball games.
D. Basketball games must be more expensive to produce than a circus performance.
Answer: B
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The nation closest to a centrally planned, socialist economy is
A. China. B. Japan. C. the United States. D. Norway.
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A. less healthy individuals are more likely to buy insurance, driving up the cost of insurance for everyone. B. the most healthy individuals are more likely to buy insurance, leaving the least healthy without access to health care. C. health insurance increases the demand for health care and so increases the price of health care. D. unhealthy individuals are denied health insurance.