One in the News Article in the Text Titled "The

question 7

Multiple Choice

One In the News article in the text titled "The Real March Madness: Ticket Prices " described how professional scalpers use the Internet to sell hard-to-get tickets to concerts and sporting events.When scalpers resell tickets at prices closer to equilibrium,

• A)A market shortage is made larger,and the scalpers reap a profit.
• B)A market shortage is made smaller,and the scalpers reap a profit.
• C)A market shortage is made larger,and the original sellers reap a profit.
• D)A market surplus is made smaller,and the scalpers reap a profit.

Analyze the relationship between market demand for events and pricing under fixed supply conditions.

Understand the concept of marginal revenue product (MRP) and its impact on labor and land use decisions by firms.

Comprehend the principles of supply and demand in determining wages and prices in competitive markets.

Grasp the economic rationale behind hiring or using more or less of a factor of production based on its MRP versus its cost.

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Definitions:

Motivation System

A framework within an organization designed to stimulate and encourage employees to achieve goals and improve performance.

Profit Sharing

A compensation strategy where employees receive a share of the company's profits in addition to their regular salary.

Large Organizations

Refers to businesses or institutions with a wide scope of influence, often characterized by complex structures, significant employee numbers, and expansive operational capacities.

Scanlon Gain-sharing Program

A specific type of gain-sharing plan that focuses on employee involvement and participation to improve productivity and share the generated financial benefits.