Baseball Dirt Dirt Is Not Dirt When It Comes to Baseball Fields

question 28

Multiple Choice

Baseball Dirt
Dirt is not dirt when it comes to baseball fields. About two-thirds of the pro baseball fields got their dirt from a dirt farm in New Jersey called Partac Peat. The company markets a secret mix for the infield (resilient) , the warning track (extra crunchy) , and the pitcher's mounds (firm) . Mounds come in red, brown, orange, and gray colors. Roger Bossard, the White Sox head groundskeeper, scouted nationwide for dirt before settling on the mix provided by Partac Peat. (He uses sand under the grassy areas of the playing field.)
-Refer to Baseball Dirt.An increase in the price of Partac Peat will not affect the demand for the product because many groundskeepers believe there is no substitute for the product.Thus,demand for Partac Peat is:

• A) inelastic
• B) intangible
• C) heterogeneous
• D) synergistic
• E) elastic

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Definitions:

Marginal Cost

The uptick in price resulting from the manufacture of an extra unit of a good or service.

Monopoly Firm

A company that is the sole provider of a product or service in a market, facing no competition.

Profit

The financial gain obtained when the revenues generated from business activities exceed the expenses, taxes, and costs.

Profit Maximization

A method used by firms to determine the best output and price levels in order to achieve the highest profit.