Multiple Choice
Tickets for the 2019 MLS Cup final between Seattle and Toronto went on sale on November 1 and sold out in just 20 minutes. The average resale price for tickets through SeatGeek, the official ticketing partner of Major League Soccer, was $569 just 2 days before the game, considerably higher than the average face-value price of tickets for the event. Sixty-nine thousand fans were expected to attend the game, making this the second-largest MLS Cup crowd in history.
Source: "Sold-out 2019 MLS Cup is the hottest ticket in recent MLS history," mlssoccer.com, November 10, 2019.
-Refer to the Article Summary. How would Major League Soccer know if it was operating on the elastic portion of the demand curve for MLS Cup final 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.
Correct Answer:
Verified
Correct Answer:
Verified
Q13: From 1950 to 2019 the number of
Q14: Between 1950 and 2019, the number of
Q15: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB10505/.jpg" alt=" -Refer to Table
Q16: Suppose the governor of California has proposed
Q17: If the cross-price elasticity of demand between
Q18: In recent years, a number of cities
Q19: Between 1950 and 2019 the productivity of
Q20: In November 2018, the U.S. Centers for
Q21: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB10505/.jpg" alt=" -Refer to Table
Q23: If the absolute value of the price