Economists Generally Believe That, Although There May Be Advantages to Society

question 25

True/False

Economists generally believe that, although there may be advantages to society from ticket-scalping, the costs to society of this activity outweigh the benefits.

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Definitions:

Profit

The income earned when the total revenue from business activities is higher than the combined expenses, costs, and taxes necessary for those activities.

Proportions

The relationship between parts and a whole in terms of size, quantity, or degree.

Factor 2

A component or element that contributes to a particular result or situation.

Profit

The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.