Test Bank Questions with Answers for Economics in Sports. 5th Edition
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Course
Economics
Institution
Economics
absolute advantage - Answers When better/more efficient than everyone
Comparative advantage - Answers What you specialize in based on opportunity cost. lower opportunity cost of an activity for you over someone else
opportunity cost - Answers value of the best alternative. (babe ruth batting aver...
Test Bank Questions with Answers for Economics in Sports. 5th Edition
absolute advantage - Answers When better/more efficient than everyone
Comparative advantage - Answers What you specialize in based on opportunity cost. lower opportunity
cost of an activity for you over someone else
opportunity cost - Answers value of the best alternative. (babe ruth batting average/ERA)
elasticity of demand - Answers how much the law of demand works, quantity changes with price
demand - Answers relationship between price and how many he is willing to buy
supply - Answers price to the number of cards that sellers are willing to be able to provide
law of demand - Answers negative relaytionship between price and quantity
law of supply - Answers positive relationship between the price and quantity
normal goods - Answers consumers normally buy more of a good or service when their income rises
inferior goods - Answers someone buys less when income rises
marginal cost - Answers additional cost assosciated with an increase in output
price ceiling - Answers max price for something
marginal revenue - Answers additional revenue that will be generated by one product
vertical integration - Answers one firm owns 2 properties
gate revenues - Answers revenue from ticket sales
upstream firm - Answers produces its output and floats it down the river
sends the final product to consumers - Answers downstream firm
leagues functions to be a monopoly are.. - Answers set rules, limit entry, promote competitive balance,
share revenue, market product
profit maximization - Answers short/long run by the firm determines the price and output level to get
the greatest profit
team maximizing - Answers making the team as large and valuable as possible
merchandise revenue - Answers variety of products for sale on shelves
luxury revenue - Answers demand increases with income and more superior good/item
media revenue - Answers money generated in a certain time by the media
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