Recall the Application about setting the price of tickets for Major League Baseball games to answer the following question(s).According to the Application, the marginal revenue from ticket sales for a typical Major League Baseball team is:
A. positive.
B. zero.
C. negative.
D. infinity.
Answer: C
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Economic growth can be portrayed as a(n)
A. movement from a point on to a point inside a production possibilities frontier. B. outward shift of the production possibilities frontier. C. movement from one point to another point on a fixed production possibilities frontier. D. inward shift of the production possibilities frontier.
Electric utility companies have built larger and larger electric generating stations and, as a result, the long-run average cost of producing each kilowatt hour decreased. This is an example of
A) increasing marginal returns. B) diminishing marginal returns. C) economies of scale. D) diseconomies of scale.
What are the key characteristics of a public good?
What will be an ideal response?
Refer to the information provided in Figure 26.3 below to answer the question(s) that follow.
Figure 26.3Refer to Figure 26.3. A shift from AS1 to AS0 represents a(n)
A. decrease in aggregate supply. B. decrease in aggregate quantity supplied. C. increase in aggregate quantity supplied. D. increase in aggregate supply.