Article Summary Based on Resale Prices for Tickets for the 2013 Super

question 112

Multiple Choice

Article Summary
Based on resale prices for tickets for the 2013 Super Bowl in New Orleans, face-value prices for the most expensive tickets to the 2014 game are expected to more than double, with significant price increases for lesser-valued tickets as well. Evidence indicates that sports teams are more interested in maximizing attendance instead of ticket revenue, since greater attendance means more spending on items such as parking and concessions. Higher ticket prices in secondary markets seem to verify that teams are charging less than they could be if their goal was to maximize ticket revenue.
Source: Patrick Rishe, "Super Bowl XLVIII Pricing: A Lesson In Demand Elasticity," Forbes, September 19, 2013.
-Refer to the Article Summary. The idea that sports teams could charge more for tickets and still increase revenue indicates that tickets are being priced in the ________ portion of their demand curve.

• A) elastic
• B) inelastic
• C) unit elastic
• D) perfectly elastic

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Definitions:

Structural Functionalism

A sociological theory that views society as a complex system whose parts work together to promote solidarity and stability.

Symbolic Interactionism

A sociological perspective focusing on the role of symbols and language in human interactions and how they influence the way individuals perceive and define their social world.

Group Processes

The dynamic interactions and methods through which individuals in a group interact, communicate, and make decisions.

Social Structure

Social structure refers to the organized pattern of social relationships and social institutions that make up a society, shaping the behavior of its members.