After tickets for a major sporting event are purchased at the official box office price, a market often develops whereby these tickets sell at prices well above the official box office price. Which of the following scenarios would NOT be able to explain this result?
A) The official price was below equilibrium from the moment the tickets were available.
B) Increased publicity causes the demand curve for the event to shift rightward.
C) The event was not a sellout.
D) Not everyone who wanted a ticket was able to buy one at the box office.
C
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The curve that represents all possible combinations of goods that can be produced is called
A) the production possibilities curve. B) the resource allocation curve. C) the efficiency curve. D) the supply curve.
Once a new technology spreads and is adopted by many countries:
A. the first country to use it may lose its comparative advantage. B. the first country to use it will lose its absolute advantage. C. other countries will perfect it, putting them at an absolute advantage. D. the country will have to have strict intellectual property rights protections in place.
If 130 million individuals are employed and 6 million are unemployed, what is the unemployment rate?
a. 4.8 percent b. 3.0 percent c. 4.4 percent d. 4.6 percent e. 9.6 percent
If one Mexican peso was worth 0.05 U.S. dollar, then one U.S. dollar would be worth:
a. 20 U.S. dollars. b. 20 Mexican pesos. c. 2 Mexican pesos. d. 0.05 Mexican pesos. e. 1 Mexican peso.