"Lady Gaga concert sells out. 60,000 tickets sold." What can an economist conclude from the above headline?
A) There is a surplus of tickets.
B) The market clears.
C) The quantity supplied is 60,000.
D) The quantity demanded is at least 60,000.
E) Both C and D above.
E
You might also like to view...
By definition, a firm is
A) a business organization that makes profits. B) a business organization that utilizes resources to produce goods or services with the goal of making a profit. C) a business organization that consists of more than one person. D) an organization, whether private or public, that may or may not make a profit.
The slope of an indifference curve is equal to the ratio of the ____ of the good on the horizontal axis to the ____ of the good on the vertical axis
a. marginal product (MP); total value (TV) b. marginal utility (MU); marginal utility (MU) c. price (P); price (P) d. total utility (TU); price (P)