There Are 72,922 Seats in Lambeau Field Where the Green

question 51

Multiple Choice

There are 72,922 seats in Lambeau Field where the Green Bay Packers play football. The Packers have sold out their season tickets since 1960. There were about 70,000 people on the waiting list to buy season tickets in 2010. Packers tickets are a normal good. As a result of the economic recession in 2010 during which people's incomes decreased, the

• A) demand for Packers tickets decreased.
• B) demand curve for Packers tickets shifted rightward.
• C) quantity demanded of Packers tickets decreased.
• D) substitution effect changed the quantity demanded.

---

Definitions:

Lease

A contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset for a specified period of time.

Agency

In legal terms, an agency refers to a relationship in which one party, known as the agent, is authorized to act on behalf of another party, known as the principal, in business transactions with third parties.

Privity Rule

A doctrine stating that only parties to a contract can sue or be sued on the contract's terms, restricting the rights of external parties.

Novation

A legal process by which an existing contract is replaced by a new contract, with the consent of all parties involved, often involving a change of parties or terms.