People scalping tickets for a jazz festival will be successful at selling the tickets for a profit
A. only when there is excess supply.
B. any time the jazz festival is popular.
C. when prices are too high.
D. when the price set by the festival organizers is less than the market equilibrium price.
Answer: D
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Supply-side economists
a. focus almost exclusively on the supply-side effects of changes in the money supply. b. did not devote much attention to the supply-side effects of changes in income tax rates since the marginal income tax rate is very low and pertained only to the relatively wealthy. c. argued that cuts in marginal tax rates had very favorable supply-side effects. d. argue that government spending is at least as important as tax rates.
Using the information in the table shown, the average revenue for 5 units is:
This table represents the revenues faced by a monopolist.
A. $600
B. $300
C. $3,000
D. $120
A monopolist faces a downward-sloping demand curve because:
a. the demand for its product is inelastic. b. the industry demand curve is horizontal. c. resource prices increase as the monopolist expands output. d. the entire market demand curve is the monopolist's demand curve.
The age distribution within the population of a country can have a considerable impact on the economy and the _____________ of living.
a. standard b. duration c. cost d. modality