Suppose that 50,000 tickets were sold at $400 for an NBA game at Madison Square Garden in New York. The game was sold out and some fans could not get tickets. This suggests that
A. selling price was below equilibrium price.
B. selling price was at equilibrium.
C. the game was advertised too heavily.
D. selling price was above equilibrium price.
Answer: A
You might also like to view...
In the four-quadrant diagram of the specific factors model, the graph in the lower right quadrant is a country's
A) production function for cloth. B) production possibility frontier. C) labor allocation constraint. D) production function for food. E) labor supply curve.
Which of the following exchange rate systems have a legislative commitment to exchange domestic currency for a specified foreign currency at a fixed exchange rate?
a. Gold standard b. Gold exchange standard c. Crawling band d. Horizontal band e. Currency board
Tracy and Amy are playing a game in which Tracy has the first move at X in the decision tree shown below. Once Tracy has chosen either the top or bottom branch at X, Amy, who can see what Tracy has chosen, must choose the top or bottom branch at Y or Z. Both players know the payoffs at the end of each branch.
In the equilibrium this game, Tracy chooses the ________ branch, and then Amy chooses the ________ branch.
A. bottom; top B. top; bottom C. top; top D. bottom; bottom
If Dana can paint his house faster than Luke, a professional house painter, then:
A. Dana has a comparative advantage in house painting. B. Dana has an absolute advantage in house painting. C. Luke has a comparative advantage in house painting. D. Luke has an absolute advantage in house painting.