Refer to the information and assume the stadium capacity is 5,000. If the Mudhens' management wanted a full house for the game, it would:
A. set price so as to maximize its total revenue.
B. encourage scalpers to sell their tickets for more than $7.
C. set ticket prices at $5.
D. set ticket prices at $9.
C. set ticket prices at $5.
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The most common type of simple loan is a(an)
A) automobile loan from a bank. B) mortgage loan from a bank. C) commercial loan from a bank. D) corporate bond.
Suppose that an individual has a constant MRS of shoes for sneakers of 4:3 (that is, he or she is always willing to give up 3 pairs of sneakers to get 4 pairs of shoes). Then, if sneakers and shoes are equally costly, he or she will:
a. buy only sneakers. b. buy only shoes. c. spend his or her income equally on sneakers and shoes. d. wear sneakers only 3/4 of the time.
Total surplus in a market is equal to
a. consumer surplus + producer surplus. b. value to buyers - amount paid by buyers. c. amount received by sellers - costs of sellers. d. producer surplus - consumer surplus.
If the U.S. imposed an import quota on farm machinery, then sales of U.S. farm machinery equipment producers would
a. rise and the exports of other U.S. industries would rise. b. rise and the exports of other U.S. industries would fall. c. fall and the exports of other U.S. industries would rise. d. fall and the exports of other U.S. industries would fall.