Suppose You Bought Three Tickets to a Concert in Advance

question 45

Multiple Choice

Suppose you bought three tickets to a concert in advance at the University ticket window. At the last minute one friend cancelled, so you could use only two of those tickets. You scalped, or sold, the third ticket just outside the entrance to the concert for slightly more than the price you had originally paid. Which transaction occurred in a market?

• A)Only the advance purchase and sale at the University window was a market transaction.
• B)Only the transaction that occurred the evening of the concert was a market transaction.
• C)Both transactions, the one at the University ticket window as well as the sale at the concert entrance, occurred in markets.
• D)Neither the advance sale at the University ticket window nor the sale the night of the concert occurred in markets.

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Definitions:

Conscious Capitalism

A business philosophy that emphasizes operating with a broader ethical perspective to benefit all stakeholders.

Social Outcomes

The consequences or results of actions and policies on societal structures, relations, and well-being, including impacts on equality, access to resources, and quality of life.

Civil Rights Act

Historic legislation in the United States that prohibits discrimination on the basis of race, color, religion, sex, or national origin.

Outsourcing

The practice of hiring third parties to execute services or produce goods that were traditionally performed in-house.