At a Chicago Bulls game 20,000 tickets were sold at $30 apiece. The game was sold out and some people did not get tickets. This suggests that the selling price:
A. was above equilibrium.
B. was below equilibrium.
C. was at equilibrium.
D. could not have been any higher.
Answer: B
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Suppose there are 1000 identical wheat farmers. For each, TC = 10 + q2 Derive the market supply curve
What will be an ideal response?
Attractive industries have all the following attributes, except
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Samantha values the utility of her first cup of coffee at $1.00; a second cup, $0.75; and a third cup, $0.50 . If Samantha drinks three cups of coffee for breakfast, her marginal utility is equal to
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