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

question 239

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.How would the NFL know if it was operating on the elastic portion of the demand curve for Super Bowl tickets?

• A)If they increased ticket prices and the total revenue from ticket sales increased.
• B)If they increased ticket prices and the total revenue from ticket sales did not change.
• C)If they increased ticket prices and the total revenue from ticket sales decreased.
• D)If they decreased ticket prices and the total revenue from ticket sales did not change.

---

Definitions:

Nearest Cent

The process of adjusting a monetary amount to the closest one-hundredth of the currency unit, typically a dollar.

Four-Figure Accuracy

A measurement precision indicating that a value is accurate to the nearest thousand, often important in geographical locations or scientific measurements.

Simple Interest

Interest calculated merely on the primary sum, or on the part of the primary sum that remains unsettled.

Nearest Cent

Rounding an amount to the closest cent, often used in financial transactions to ensure accuracy.