The Number of Seats Available in an Arena Is Fixed

question 9

Multiple Choice

The number of seats available in an arena is fixed at 20,000. The equilibrium price for a ticket to a basketball game at the arena is $80. The equilibrium price for a ticket to a hockey game at the arena is $95. Which of the following is true?

• A) Basketball games must be more expensive to produce than hockey games.
• B) The demand for hockey games must be more elastic than the demand for basketball games.
• C) The supply of hockey games must be less elastic than the supply of basketball games.
• D) The demand for each hockey game must be higher than the demand for each basketball game.

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Definitions:

Fairly

In a manner that is just, equitable, and impartial, ensuring fair treatment and opportunities for all involved.

Expectancy Theory

A motivational theory suggesting that individuals are motivated to perform based on the expected outcome of their actions and the value placed on those outcomes.

Sales Targets

Specific goals set for a sales team or individual to achieve within a specific timeframe.

Hard Work

Exerting a significant amount of effort and dedication toward completing tasks or achieving goals.