Suppose that 20,000 tickets were sold at $120 for an NBA game at Madison Square Garden in New York. The game was sold out and some fans could not get tickets. This suggests that
A) selling price was below equilibrium price.
B) selling price was above equilibrium price.
C) selling price was at equilibrium.
D) the game was advertised too heavily.
Answer: A
Economics
You might also like to view...
Survivability in a perfectly competitive world requires that
A) firms minimize average total cost. B) firms produce new and different products. C) firms maximize profit. D) firms maximize revenue.
Economics
Exhibit 12-7 Negative income tax
Under the negative income tax scheme in Exhibit 12-7, families earning between $10,000 and $40,000 would:
A. receive the maximum negative income tax payment of $20,000. B. receive payments under the negative income tax. C. pay no income taxes, but receive no payments. D. pay taxes of $5,000.
Economics