If rising costs have compelled an increase in the price of football tickets for next season, you could safely assume the college athletic director
A) doesn't know the difference between sunk costs and marginal costs.
B) doesn't want fans to become angry or resentful about the price increase.
C) isn't setting prices to maximize net revenue.
D) really has not raised prices.
E) would prefer not to raise prices but has no choice in the matter.
B
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Assume that the market for consumer gasoline is perfectly competitive. When one additional seller (gas station) enters the market,
A) then at least one other seller must exit the market. B) the price of gasoline increases. C) the price of gasoline is left unaffected. D) the price of gasoline decreases. E) None of the above is correct.
If the United States has a lower opportunity cost than Mexico in the production of wheat, then it will import wheat from Mexico.
a. true b. false