Tickets for the football championship were expensive but sold out within hours. On the day of the game, people were selling tickets outside the stadium for prices of twice the face value and more. Which of the following statements explains this scenario?
a. The supply and demand have reached equilibrium.
b. The demand for tickets has decreased.
c. The demand curve for tickets has shifted to the left.
d. The supply curve for tickets is inelastic.
d. The supply curve for tickets is inelastic.
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When natural or legal forces work to protect a firm from potential competitors, the market is said to have ________
A) non-competitive supply B) non-competitive entry C) barriers to entry D) restricted competition
During the Great Depression of the 1930s, unemployment peaked at _____%
a. 5 percent b. 10 percent c. 20 percent d. 25 percent e. 30 percent
Assuming that the interest parity condition holds, what type of information is contained in interest rate differentials between domestic and foreign bonds? Explain
What will be an ideal response?
Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4Refer to Figure 4.4. Assume that initially there is free trade. If the United States then imposes a $25 tariff per barrel of imported oil,
A. U.S. imports of oil will increase by 4 million barrels per day. B. the quantity of oil demanded will be reduced by 4 million barrels per day. C. the quantity of oil supplied by U.S. firms will increase by 8 million barrels per day. D. the price of oil in the U.S. will increase to $150 per barrel.