Refer to the information and assume the stadium capacity is 5,000. If the Mudhens' management charges $7 per ticket:
A. some fans who want to see the game will find that tickets are not available.
B. there will be 2,000 empty seats.
C. there will be 1,000 empty seats.
D. the game will be sold out.
Ans: C. there will be 1,000 empty seats.
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a. money profit b. economic profit c. accounting profit d. economic profit minus implicit costs e. money profit minus explicit costs
Refer to Figure 4-3. If the market price is $3.00, what is Kendra's consumer surplus?
A) $6.50 B) $5.50 C) $2.50 D) $0.50
Which of the following is the term used when average costs go down as the measure of output goes up?
a. Relative advantage b. Absolute advantage c. Comparative advantage d. Economies of scale
Opportunity cost is best defined as:
A. the value of the best forgone alternative. B. marginal cost minus marginal benefit. C. the time spent on an economic activity. D. the money cost of an economic decision.