If a scalper for the Super Bowl is able to charge $5,000 for a front-row seat, this suggests that
A. at the regular price, the quantity of Super Bowl tickets demanded equals the quantity supplied.
B. at the regular price, there is a shortage of Super Bowl tickets.
C. the scalper is making the football fan worse off.
D. at the regular price, there is a surplus of Super Bowl tickets.
Answer: B
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Which of the following about economic growth is true?
a. The rich countries are consistently getting richer, while the poor countries are getting poorer. b. No LDC was able to achieve a more rapid growth rate than the United States during the 1980 through 2009 period. c. The growth picture of LDCs is clearly one of diversity; some LDCs are growing rapidly, while others continue to stagnate. d. The fastest growing countries in the world are all high-income industrial economies.
Bob deposits $100 in a bank account that pays an annual interest rate of 5 percent. A year later, Bob withdraws his $105 . If deflation was 5 percent during the year the money was deposited, then Bob's purchasing power has not changed
a. True b. False Indicate whether the statement is true or false
Trade restrictions cause
A. higher prices. B. economic inefficiency. C. both higher prices and economic inefficiency. D. neither higher prices nor economic inefficiency.
Empirical studies show that entry into markets increases both price and quantity of goods supplied.
Answer the following statement true (T) or false (F)