Recall the Application about setting the price of tickets for Major League Baseball games to answer the following question(s).According to the Application, what is the reason that MLB teams are setting the price of their tickets where the marginal revenue was negative?
A. They can get additional revenue from concessions.
B. MLB owners only care about popularity.
C. TV revenues are way larger than ticket revenues.
D. The pricing is set by the Federal Trade Commission.
Answer: A
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An increase in population shifts the production possibilities frontier inwards over time
Indicate whether the statement is true or false
The marginal cost curve crosses the average total cost curve at the
a. highest level of average total cost. b. lowest level of average total cost. c. point where the ATC equals the AVC. d. point where the ATC equals the AFC.
Medicare is an example of a third-party payment for medical services that
A) causes providers to supply less of medical services than they would without the payment. B) causes buyers to consume more of medical services than they would without the payment. C) does not cause any change in the equilibrium position for medical services which existed without the subsidy. D) causes the price of medical services to rise for the consumer once the payment is provided.
Saving is like:
A. selling the right to use your money for a time. B. buying the right to use someone else's money. C. selling the right to use someone else's money. D. buying the right to use your money for a time.