An increase in the price of tickets to a popular sporting event will increase total revenue if:
A. There are many substitutes for this form of entertainment
B. The ticket is considered to be a luxury
C. The buyers of the tickets are fanatic about the event
D. The fans are price-conscious
C. The buyers of the tickets are fanatic about the event
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U.S. industries like steel, computers, and energy need to be protected from foreign competition to ensure which of the following?
(A) The protection of these industries as they develop. (B) The presence of these industries during a crisis. (C) The incentive for these industries to become more efficient. (D) The economic advantages caused by their production.
Even if two products have different characteristics, such as color, the products are only considered heterogeneous if consumers
A) consider the two products as perfect complements. B) consider the two products as perfect substitutes. C) consider the two products as imperfect substitutes. D) consider the two products as imperfect complements.