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.If scalpers were to charge exactly face value for tickets to a sold-out event, there woul

.If scalpers were to charge exactly face value for tickets to a sold-out event, there woul

.If scalpers were to charge exactly face value for tickets to a sold-out event, there would be

A)more tickets traded in the market for scalped tickets.

B)fewer tickets traded in the market for scalped tickets.

C)no tickets traded in the market for scalped tickets.

D)a scalped ticket available for every seat in the stadium.

42.If scalpers were to charge exactly face value for tickets to a sold-out event, there would be

A)more tickets sold in the market for scalped tickets than buyers there want to buy.

B)exactly as many tickets sold in the market for scalped tickets as buyers there want to buy.

C)fewer tickets sold in the market for scalped tickets than buyers there want to buy.

D)a scalped ticket available for every seat in the stadium.

43.If scalpers were to charge only face value for tickets to a sold-out event, there would be

A)a scalped ticket available for every seat in the stadium.

B)a higher price in the market for scalped tickets than the equilibrium price.

C)a price in the market for scalped tickets equal to the equilibrium price.

D)a lower price in the market for scalped tickets than the equilibrium price.

44.A market for scalped tickets exists only because the ticket sales policies of the event promoter

A)failed to exploit every opportunity for mutually beneficial trade.

B)exploited more opportunities for mutually beneficial trade than actually existed.

C)created illusory opportunities for mutually beneficial trade.

D)were unjust and immoral.

45.Suppose, during the rapid expansion of NASCAR during the 1990s and 2000s, a racetrack owner kept expanding capacity to keep up with demand. Suppose further that fan interest in NASCAR diminished during the recession of 2007-2009. It would have been in that owner’s best interest to

A)reduce ticket prices so that sellouts would resume.

B)spend money to reduce seating.

C)set the ticket price to where MC=MR which may mean that there would not be a sellout.

D)spend as much money on advertising as necessary to ensure a sellout.

46.During the rapid expansion of NASCAR during the 1990s and 2000s, the Bristol Motor kept expanding capacity to keep up with demand. The August race became the 3rd most attended sporting event in the world. The recession of 2007-2009 diminished fan interest in that race such that there were empty seats in 2010 and 2011. It would have been in that owner’s best interest to

A)reduce ticket prices so that sellouts would resume.

B)spend money to reduce seating.

C)set the ticket price to where MC=MR which may mean that there would not be a sellout.

D)spend as much money on advertising as necessary to ensure a sellout.

47.The Indianapolis Motor Speedway hosts the Indianapolis 500, the Brickyard 400, in addition to other races. During their respective peaks, both events were sellouts. During the late-1990s, the Indianapolis 500 experienced a dry period with 100,000 or more empty seats. . It would have been in that owner’s best interest to

A)reduce ticket prices so that sellouts would resume.

B)spend money to reduce seating.

C)set the ticket price to where MC=MR which may mean that there would not be a sellout.

D)spend as much money on advertising as necessary to ensure a sellout.

48.The Indianapolis Motor Speedway hosts the Indianapolis 500, the Brickyard 400, in addition to other races. During their respective peaks, both events were sellouts. The 2009 through 2011 versions of  the Brickyard 400 saw 100,000 or more empty seats. . It would have been in that owner’s best interest to

A)reduce ticket prices so that sellouts would resume.

B)spend money to reduce seating.

C)set the ticket price to where MC=MR which may mean that there would not be a sellout.

D)spend as much money on advertising as necessary to ensure a sellout.

49.The Fill-in-the-BlankStateUniversity women’s basketball team plays its games in the same facility as the men’s team. The seating capacity is therefore the same for each. A profit maximizing university would

A)set identical ticket prices for men’s and women’s teams based on what would sell out every game.

B)set ticket prices based on the quantity where MC=MR so that the profit to each is maximized.

C)set ticket prices based on the quantity where MC=MR but to average that price for men and women and charge the same.

D)set ticket prices based on the quantity where MC=MR for the men and give the tickets to the women’s games away.

50.If you were going to expand a facility by adding 10% more seats, and the costs of providing ushers and other personnel to deal with the new seats was exactly the same (on a per seat basis) as the older portion of the facility, the new MC curve would look like the previous one except that it would

A)no longer be a backward L but would be upward sloping once the old capacity was reached.

B)just shift to the right.

C)just shift to the left.

D)just shift up.

Abhinav 05-Dec-2019

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