Refer to the Article Summary. Based on the difference between the face value of Super Bowl tickets and the prices being charged in the resale market, the demand at the face value of the tickets is
A) elastic. B) unit elastic. C) inelastic. D) perfectly elastic.
C
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Which of the following is not an important contribution of the agricultural sector to overall development:
a. increasing national food supplies b. permitting foreign exchange earnings through imports c. allowing excess labor to flow to urban areas d. providing savings for industrial investment e. increasing the demand for manufactured goods g. All of the above are important contributions.
The learning curve
A) is really no different from a marginal cost curve. B) calculates average cost at a particular point in time. C) shows the decrease in unit cost as more of the same product is produced over time. D) None of the above
Asymmetric information can lead to the ________-informed parties to try to take advantage of the ________-informed parties, which can cause ________.
A) better; less; moral hazard, but not adverse selection B) better; less; moral hazard and adverse selection C) less; better; adverse selection, but not moral hazard D) less; better; moral hazard, but not adverse selecti
A group of firms that agree to coordinate their production and pricing decisions to reap monopoly profit is called an oligopoly
a. True b. False