The quantity of tickets demanded to the Super Bowl is always greater than the quantity supplied
Which of the following in the best explanation why the National Football League does not raise the price of tickets to the level where the quantity demanded equals the quantity supplied?
A) The cost of raising the price and printing new tickets would exceed the revenue the NFL would receive from higher ticket prices.
B) Raising the price would reduce the demand for tickets; there would then be a surplus and the game would not sell out.
C) The demand for Super Bowl tickets is elastic; raising the price would reduce total revenue.
D) The NFL is concerned that raising ticket prices would be considered unfair.
D
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In markets free from intervention, prices tend to move towards equilibrium because of
A) the "helping hand" of government. B) increased demand from buyers. C) increased supply by sellers. D) the unintended consequences of choices among buyers and sellers pursuing their own plans.
Refer to Figure 17-9. A follower of the new classical macroeconomics would argue that a contractionary monetary policy to lower inflation after a supply shock, like that pursued by Volcker in 1979, would result in a movement from
A) C to D to A. B) A to C. C) A to D to C. D) A to B. E) C to A.
When Audrina raised the price of her homemade cookies, her total revenue increased. This suggests that the demand for Audrina's cookies is elastic
Indicate whether the statement is true or false
Countries with larger debts in terms of absolute value are worse off than countries with smaller debts.
Answer the following statement true (T) or false (F)