There are 72,922 seats in Lambeau Field where the Green Bay Packers play football. The Packers have sold out their season tickets since 1960. There are about 80,000 people on the waiting list to buy season tickets in 2015
If the Packers raised ticket prices, the A) demand for Packers tickets decreases.
B) demand curve for Packers tickets shifts leftward.
C) demand curve for Packers tickets shifts rightward.
D) the quantity demanded of Packers tickets decreases.
D
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Two individuals are playing a trust game that has three rounds. In the first two rounds of the game, they have accumulated $1,000 as a team
In the third round, Player 1 is blindfolded and asked to decide whether he would let Player 2 guide him to a particular destination or opt out of the game. If he lets Player 2 guide him, Player 2 can either guide him to the correct destination or take him elsewhere. If he leads him to the correct destination, each of them will get half the accumulated money. On the other hand, if Player 2 can lead him astray, Player 2 will get 75% of the accumulated money and Player 1 will get 25%. If Player 1 opts out of the game, he will get 30% of the accumulated money and Player 2 will get 20%. a) What is the equilibrium outcome in this case? b) How will the equilibrium change if the players can impose a guilt penalty of 60% of the accumulated money on the defecting player?
Because Product X has a large positive income elasticity, it is likely that the product
A) has many good substitutes. B) has few good complements. C) is a necessity. D) is a luxury.
If consumers' confidence in the economy rises
A. aggregate demand will shift leftward and the price level will fall. B. aggregate demand will shift rightward and the price level will rise. C. aggregate demand will shift leftward and the price level will rise. D. aggregate demand will shift rightward and the price level will fall.
Suppose Rita obtains 10 units of utility from the last dollar of income received by her, and Joseph obtains 6 units of utility from the last dollar of his income. Assume both Joseph and Rita has the same capacity to derive utility from income. Those who favor an equal distribution of income would:
A. Advocate redistributing income from Joseph to Rita B. Advocate redistributing income from Rita to Joseph C. Be content with this distribution of income between Rita and Joseph D. Argue that any redistribution of income between them would increase total utility