The price of Super Bowl tickets sold by scalpers is likely to be
A. less than face value.
B. more than face value.
C. independent of which teams are playing in the Super Bowl.
D. exactly face value.
Answer: B
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For the monopoly shown in the figure above, the profit maximizing output is
A) 4 units per day. B) 5 units per day. C) 6 units per day. D) 10 units per day.
Keynes felt that the economic effects of business confidence, for example a loss confidence shifting the ________ curve to the left, were of ________ importance
A) IS, major B) IS, minor C) LM, major D) LM, minor
When competitive market equilibrium determines a level of output for which the marginal social cost exceeds the marginal social benefit, the private equilibrium results in
a. a positive externality b. a Coase equilibrium c. underproduction of the product d. a market failure e. external benefits
We calculate the amount of physical capital in an economy by adding up the value of all:
A. tools, equipment, and structures. B. skills and expertise of all employed people. C. skills and expertise of the working age population. D. technological capabilities used in production.