Refer to the information and assume the stadium capacity is 5,000. The supply of seats for the game:
A. varies inversely with ticket prices.
B. varies directly with ticket prices.
C. is perfectly inelastic.
D. is perfectly elastic.
C. is perfectly inelastic.
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A Big Mac costs $4.79 in the United States and 9.6 zlotys in Poland. If the exchange rate is 3 zlotys per dollar, what is the dollar cost of a Big Mac in Poland?
A) $1.60 B) $2.00 C) $3.20 D) $4.64
Cooperation that continues as long as the players continue to cooperate is
A) a zero-sum game. B) a negative-sum game. C) tit-for-tat strategic behavior. D) opportunistic behavior.
If a tax is levied on the sellers of flour, then
a. buyers will bear the entire burden of the tax. b. sellers will bear the entire burden of the tax. c. buyers and sellers will share the burden of the tax. d. the government will bear the entire burden of the tax.
The quantity of good M is measured along the vertical axis, and the quantity of good N is measured along the horizontal axis. If the prices of both goods M and N declines by 50% each, then the budget line
A. shifts inward to the left by 50%. B. rotates clockwise by 180 degrees. C. shifts outward to the right by 100%. D. shifts outward to the right by 50%.