Refer to the market graph below for tickets to a "Final Four" sports event. Given this market, if the event organizers pre-set the price at $20, then this action would result in a:
The graph below shows the market for tickets to a "Final Four" sports event. Assume that there is only one kind of ticket to the event.
A. Shortage of 5,000 units
B. Shortage of 55,000 units
C. Surplus of 5,000 units
D. Surplus of 50,000 units
A. Shortage of 5,000 units
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Refer to the information provided in Figure 31.1 below to answer the question(s) that follow.
Figure 31.1Refer to Figure 31.1. Which of the following causes the ppf to shift from ppf2 to ppf3?
A. an increase in the population B. a decrease in the labor force C. technological progress D. a decrease in capital stock
At a perfectly competitive firm's short-run break-even price
A) P = ATC. B) TR is more than TC. C) the average cost is below the total revenue line. D) P > AVC, but P < AFC.