What is one reason a gambler might bet $1,000 that a sixteenth seed team will win the NCAA basketball tournament?

Short-run decisions refer to the:

A. hourly, daily, or weekly decisions that firms have to make. B. decisions a firm has to make immediately to prepare for either entering or exiting an industry. C. immediate decisions that firms have to make that affect level of output, but not the production process. D. immediate decisions that firms have to make that affect the production process, not level of output.

Refer to the above table. Demand is unit elastic between the prices of

A. $6.00 and $7.00. B. $5.00 and $10.00. C. $6.00 and $6.50. D. $7.00 and $7.50