An Increase in the Price of Tickets to a Popular

question 226

Multiple Choice

An increase in the price of tickets to a popular sporting event will increase total revenue if

• A) there are many substitutes for this form of entertainment.
• B) the ticket is considered to be a luxury.
• C) the buyers of the tickets are fanatic about the event.
• D) the fans are price conscious.

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.