A marketing survey shows that gate receipts would increase if the price of tickets to a summer rock concert increased, even though the number of tickets sold would fall. What does this imply about the price elasticity of demand for concert tickets?

What is comparative advantage? What is absolute advantage?

What will be an ideal response?

Economists assume that the typical person who starts her own business does so with the intention of

a. donating the profits from her business to charity. b. capturing the highest number of sales in her industry. c. maximizing profits. d. minimizing costs.