If We Observe Long Lines of People Camping Out to Get

question 188

Multiple Choice

If we observe long lines of people camping out to get tickets to a concert, this tells us

• A) the ticket price is below the market equilibrium price.
• B) the ticket price is above the market equilibrium price.
• C) it is likely to be a good concert, but it doesn't tell us anything about the ticket price.
• D) the opportunity cost of time of the people in line is higher than the average for the general population.

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Definitions:

Political Lobbying

The act of attempting to influence decisions made by officials in the government, most often legislators or members of regulatory agencies, by individuals, groups, or organizations.

Psychiatric Disorders

Mental illnesses characterized by persistent disturbances in thoughts, feelings, or behaviors, significantly affecting one's life and well-being.

Evidence

Information or data that is presented in support of an assertion, claim, or hypothesis, typically used to prove or disprove something in various contexts like legal, scientific, or historical.

Mental Disorders

Health conditions characterized by alterations in thinking, mood, or behavior associated with distress and/or impaired functioning.