(Consider This) Children Are Charged Less Than Adults for Admission

question 153

Multiple Choice

(Consider This) Children are charged less than adults for admission to professional baseball games but are charged the same prices as adults at the concession stands.This pricing system occurs because

• A)children have an elastic demand for game tickets but an inelastic demand for concession items.
• B)children have an inelastic demand for game tickets but an elastic demand for concession items.
• C)the seller can prevent children from buying game tickets for adults but cannot prevent children from buying concession items for adults.
• D)children can personally "consume" only a single game ticket but can personally consume more than one concession item.

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Definitions:

Gini Coefficient

The Gini Coefficient measures income inequality within a population, ranging from 0 (perfect equality) to 1 (perfect inequality).

Market Income

The total income earned by an individual or household from market sources before taxes and transfers, including wages, rent, interest, and profits.

Disposable Income

The sum of funds households can allocate towards savings or expenditure once income taxes are deducted.

Minimum Wage

The lowest hourly, daily, or monthly remuneration that employers may legally pay to workers.