Tickets to the Michigan-Notre Dame football game are usually sold out in advance of game day. This suggests that
a. the price of the tickets must be very high or else people would not consider them valuable
b. the price is set below the equilibrium level
c. the football stadium is relatively small
d. everyone who attends the game will enjoy it
e. the price is determined primarily by the fixed supply of tickets
Answer: b. the price is set below the equilibrium level
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a. True b. False Indicate whether the statement is true or false
Characterize the two different approaches a nation can take to achieve free trade. Does one approach have an advantage over the other?