Recall the Application about setting the price of tickets for Major League Baseball games to answer the following question(s).According to the Application, due to the marginal revenue from ticket sales for a typical Major League Baseball team, the team could increase total revenue from ticket sales by ________ the price of tickets and ________ the quantity of tickets sold.
A. increasing; increasing
B. increasing; decreasing
C. decreasing; increasing
D. decreasing; decreasing
Answer: B
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Behavioral game theory assumes
A) people act rationally. B) people are subject to biases that cause them to act irrationally. C) that people behave differently when playing games than when "playing for real." D) people optimize using all available information.
When profits and costs occur in the future, the ________ the profit occurs and the ________ the cost occurs, the ________ likely the net present value will be ________.
A) later; sooner; more; positive B) sooner; later; more; positive C) sooner; later; less; positive D) sooner; later; more; negative
In the short run, certain costs, such as rent on land and equipment, must be paid whether or not any output is produced. These are:
a. the firm's variable costs. b. the firm's break-even costs. c. the firm's sunk costs. d. the firm's marginal costs. e. the firm's fixed costs.
Contractions are characterized by
A. an upward movement toward a peak in economic activity. B. a long period in which no cycles are observed in economic activity. C. increases in the rate of growth of economic activity. D. a downward movement toward a trough in economic activity.