Price per Ticket Quantity Demanded $13 1,000 $11 2,000 $9 3,000 $7 4,000 $5 5,000 $3 6,000 Refer to the information and assume the stadium capacity is 5,000. The supply of seats for the game
A. varies directly with ticket prices.
B. is perfectly elastic.
C. is perfectly inelastic.
D. varies inversely with ticket prices.
Answer: C. is perfectly inelastic.
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a. True b. False Indicate whether the statement is true or false
The firms in an oligopoly market structure agree to collude because:
a. it helps them to earn more profits. b. each firm wants to know the strategy of its rivals. c. each firm wants to charge a lower price for its product than its rivals. d. the firms want to maintain a healthy relationship with each other. e. it helps them to enjoy economies of scale.
Political scientist Elinor Ostrom won the 2009 Nobel Prize in Economics for demonstrating in detail how communities around the world
a. experience gaps in wealth and economic power. b. manage common pool resources effectively. c. see power as the ability to collaborate.
The simplified spending multiplier is calculated as:
A. ?MPC/(1 ? MPC). B. (1 ? MPC) × ?MPC. C. 1/(1 ? MPC). D. ?1/(1 ? MPC).