If a Scalper for the Super Bowl Is Able to Charge

question 101

Multiple Choice

If a scalper for the Super Bowl is able to charge $10,000 for a front-row seat, this suggests that

• A)at the regular price, there is a surplus of Super Bowl tickets.
• B)at the regular price, there is a shortage of Super Bowl tickets.
• C)at the regular price, the quantity of Super Bowl tickets demanded equals the quantity supplied.
• D)the scalper is making the football fan worse off.

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Definitions:

Interval Data

A type of numerical data in which the intervals between each value are equally split, but there is no true zero point.

Spearman's Rank-Correlation

A nonparametric measure of rank correlation that assesses the strength and direction of association between two ranked variables.

Correlation Coefficient

A measure that determines the degree to which two variables' movements are associated, ranging from -1 to 1.

Friedman Test

A non-parametric test used to detect differences in treatments across multiple test attempts.