Suppose you bought a concert ticket from Ticketmaster for $50, but when you get to the concert, there are a large number of people waiting outside who offer to pay you more than $50 for your ticket. What is probably true?
A. The Ticketmaster price is the equilibrium price.
B. The Ticketmaster price was above the equilibrium price.
C. There is an excess demand for tickets at the Ticketmaster price.
D. There is an excess supply of tickets at the Ticketmaster price.
Answer: C
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The economic way of thinking will help you
A) make decisions in financing your home. B) decide whether the U.S. government should encourage or discourage immigration. C) make better decisions concerning your education. D) all of the above
Human capital refers to the:
A. skills, experience, and natural talent that determine the productivity of workers. B. amount of people a firm has access to for production. C. production per capita. D. the machinery and tools that labor can use for production.
Suppose Ford can triple its production of 150s by tripling its production facility for those trucks. This indicates the presence of:
a) the law of diminishing returns. b) minimum efficient scale. c) constant returns to scale. d) diseconomies of scale. e) economies of scale.
Exhibit 2-1 Production possibilities curve data ConsumptionGoods CapitalGoods 10 0 9 1 7 2 4 3 0 4 In Exhibit 2-1, according to the information, the opportunity cost of producing 3 units of capital is:
A. 3 units of consumption goods. B. 4 units of consumption goods. C. 6 units of consumption goods. D. 7 units of consumption goods.