The championship game will be held next weekend in your college's 40,000-seat stadium. The supply of tickets to the game:
A. depends on which teams make it to the championship game.
B. is perfectly inelastic.
C. will increase because the price charged will be higher.
D. is elastic.
Answer: B
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Refer to Table 3-2. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. If the price of cashews rises from $4 to $6, the market quantity demanded would
A) decrease by 39 lbs. B) increase by 33 lbs. C) decrease by 33 lbs. D) increase by 39 lbs.
Since 2001, the U.S. government budget deficit
A) has been approximately equal to 10% of U.S. GDP. B) as a percentage of U.S. GDP has increased steadily each year. C) as a percentage of U.S. GDP has decreased steadily each year. D) none of the above.
If there was initially a shortage in the market for a product, then:
A. Sellers will drive the price down B. Sellers will drive the price up C. Buyers will drive the price down D. Buyers will drive the price up
In the above figure, what is the quantity of workers that would be hired by a monopsonist?
A. Q1 B. Q2 C. Q3 D. Q4