Article Summary Just Days Before the 2015 Super Bowl Was Played in Played

question 265

Multiple Choice

Article Summary
Just days before the 2015 Super Bowl was played in Glendale,Arizona,the average price of a ticket on the secondary resale market was $10,352,more than three times the average price for the 2014 game.People who were able to purchase tickets at face value directly from the NFL paid prices ranging from $800 to $1,900 per ticket.The day before the game,ticket broker StubHub listed its least expensive seat at $8,049,while the most expensive seat was priced at more than $65,000.
-Refer to the Article Summary.Based on the difference between the face value of Super Bowl tickets and the prices being charged in the resale market,the demand at the face value of the tickets is

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

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Definitions:

Merchandise Inventory

Goods that a business holds for the purpose of resale to customers.

Multiple-Step Income Statement

A financial document that breaks down revenue, cost of goods sold, operating expenses, and net income into multiple steps or sections to show a detailed view of a company's financial performance over a specific period.

Administrative Expenses

These are costs related to the general operation of a business that are not directly tied to producing goods or services.

Selling Expenses

Costs associated with the marketing and selling of products or services, including advertising and sales commissions.