The Graph Below Shows the Market for Tickets to a "Final

question 13

Multiple Choice

The graph below shows the market for tickets to a "Final Four" sports event. Assume that there is only one kind of ticket to the event. Given this market, if the event organizers pre-set the price at $20, then this action would result in a

• A) shortage of 5,000 units.
• B) shortage of 55,000 units.
• C) surplus of 5,000 units.
• D) surplus of 50,000 units.

Understand how marginal utility of income varies with risk preferences.

Analyze the impact of disability or loss of income on utility and decision-making towards insurance policies.

Understand the fundamental principles of contract law, including offer, acceptance, and consideration.

Differentiate between offers and invitations to treat.

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Definitions:

Economic Efficiency

A measure of how effectively economic resources are utilized to meet consumer needs and produce maximum output with minimum waste.

New Zealand's Labor Movement

A social and political movement in New Zealand advocating for workers' rights, better labor laws, and improvements in working conditions.

Independent Unions

Labor unions that are not affiliated with any national federation or labor organization, often focusing on specific workplace issues.

Board-Level Representation

Involvement of employees or their representatives at the highest level of organizational decision-making, typically through seats on the company board.