One In the News article in the text titled "The Real March Madness: Ticket Prices " described how professional scalpers use the Internet to sell hard-to-get tickets to concerts and sporting events. Apparently the initial price of the tickets being scalped was too
A. High for equilibrium, resulting in a surplus of tickets.
B. Low for equilibrium, resulting in a shortage of tickets.
C. Low for equilibrium, resulting in a surplus of tickets.
D. High for equilibrium, resulting in a shortage of tickets.
Answer: B
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An example of expansionary fiscal policy would be
A) a decrease in government spending to reduce budget deficits. B) an increase in tax collection to reduce budget deficits. C) a decrease in interest rates to help stimulate the economy. D) an increase in government spending on infrastructure to create jobs and improve the economy.
Suppose a new contracting environment with an economic environment that looks more uncertain is considered. This new contract will result in:
A. a decrease in the marginal cost and a shorter optimal contract. B. an increase in the marginal cost and a longer optimal contract. C. an increase in the marginal cost and a shorter optimal contract. D. a decrease in the marginal cost and a longer optimal contract.