Answer:
C. <u>shortage</u>; <u>elastic</u>; <u>the same number of</u>
Explanation:
The law of demand states an inverse relationship between quantity demanded of a good and it's price.
Price elasticity of demand refers to the degree of responsiveness of quantity demanded to a change in price. When quantity demanded changes less relatively to change in price, it is termed as inelastic demand while when the change in quantity demanded is lot more than the change in price, it is termed as elastic demand.
In the given case, after the upper limit price has been capped and fixed, this would create a rush and tickets for the sports events would be sold off since the quantity demanded would rise.
This would result into a shortage since demand shall exceed supply and since the price cannot be raised above $50.
The more elastic the demand, more shortage of tickets it would result into and the same number of people will attend the events i.e the seating capacity is not increased.
Answer:
a. the portion of its marginal cost curve that lies above the AVC
Explanation:
In short run, a perfectly competitive produces as long as its price is above its AVC, so revenues can cover total variable cost. If price is below AVC, the firm has to shut down. Since such a firm maximizes profit by equating Price with MC, this condition means that firm's supply curve is its MC curve lying above the (minimum point of) AVC curve.
It is training that you need for a career that you want to do and you go there during high school to do the training
I don’t know what are you asking, is this multiple choice. Please explain more
The market for carbon allowances is set by the regulatory authority.
