Explain how international trade and trade policy helped South Korea transform itself from an underdeveloped country to a high-income country in the space of a single generation. You might begin by discussing South Korea's trade strategy

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.

Goods with many substitutes tend to have more price elastic demand curves

Indicate whether the statement is true or false