When the price of NBA tickets is $25 each, 30,000 tickets are sold. After the price rises to $30 each, 20,000 tickets are sold. At the original price, the demand for NBA ticket is:
A. elastic.
B. perfectly elastic.
C. inelastic.
D. unit elastic.
Answer: A
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Of the types of business organizations in the United States, sole proprietorships account for the ________ percentage of firms and the ________ percentage of profits
A) smallest; smallest B) largest; largest C) smallest; largest D) largest; smallest
About ___________ of the U.S. population moves each year
a. 5% b. 10% c. 15% d. 35%
A major fruit juice manufacturer failed in its attempt to engage in price discrimination between students and all other consumers. What is a possible explanation for this failure?
a. There was nothing to prevent the students from reselling the fruit juice to other consumers. b. The fruit juice manufacturer produced in a perfectly competitive market. c. The two groups of consumers probably have the same demand elasticity for fruit juice. d. The cost of producing the product is relatively high. e. Demand for fruit juice is probably inelastic.
"Because of unseasonable cold weather, much of the peach crop has been destroyed." This statement indicates that the:
a. price of peaches will fall. b. quantity of peaches that will be available at any given price has decreased. c. demand for peaches will shift to the left. d. quantity of peaches that will be available at any given price have increased.