Explain Why Each of the Following Is Considered an Economic

question 203

Essay

Explain why each of the following is considered an economic issue:
a.whether to spend Saturday evening at a hockey game
b.obtaining tickets to a U2 concert
c.your university considers your application for one of 25 available scholarships

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Definitions:

Monopoly Power

The ability of a firm to control the market price and output of a product because it is the sole supplier in a market with high barriers to entry.

Sherman Antitrust Act

A landmark federal statute passed in the late 19th century to combat anticompetitive practices, reduce market monopolies, and maintain economic competition.

Standard Oil

A former American oil producing, transporting, refining, and marketing company established by John D. Rockefeller and partners in 1870, which came to dominate the oil industry and was later broken up in 1911 due to antitrust laws.

Tit-for-Tat Strategy

A strategy in game theory where a player responds to an opponent's action with equivalent retaliation, encouraging cooperation or deterring defection in repeated interactions.