Multiple Choice
The quantity demanded of tickets to the Super Bowl is always greater than the than the quantity supplied. Which of the following in the best explanation why the National Football League does not raise the price of tickets to the level where the quantity demanded equals the quantity supplied?
A) Raising the price would reduce the demand for tickets; there would then be a surplus and the game would not sell out.
B) The cost of raising the price and printing new tickets would exceed the revenue the NFL would receive from higher ticket prices.
C) The demand for Super Bowl tickets is elastic; raising the price would reduce total revenue.
D) The NFL is concerned that raising ticket prices would be considered unfair.
Correct Answer:
Verified
Correct Answer:
Verified
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