Suppose the NFL Wants to Give the "Common Fan" the Opportunity

question 154

Multiple Choice

Suppose the NFL wants to give the "common fan" the opportunity to attend the Super Bowl,so it sets Super Bowl prices "low"-let's say they set ticket prices for a regular seat at Super Bowl LI to cost just $400.People who have tickets,however,can turn around and sell them online for $1,500 or more.If there are no transaction costs for fans with tickets to sell them,the true cost to a fan of attending Super Bowl LI is:

• A)at most $400.
• B)at least $1,500.
• C)the monetary price paid to obtain the ticket.
• D)$1,100 less than the opportunity cost of a ticket.

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Definitions:

Firms in the Industry

Businesses or companies that produce goods or provide services within a specific sector of the economy.

Output

The quantity of goods or services produced by a firm, industry, or economic system.

Under-reward Inequity

A situation in which an individual perceives that the rewards received are less than the rewards deserved for their efforts, leading to dissatisfaction.

Instrumentality

The belief that performance is directly linked to the attainment of desired outcomes or rewards.