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Marrrta [24]
3 years ago
12

One day, a local theme park charges $40 per person for admission, and 10,000 people visit the park. On another day, the park cha

rges $60 per person, and 20,000 people pay to enter the park. Which explanation best describes why the park sees an increase in attendance when the price is higher? Theme-park tickets are part of a rare class of goods which do not follow the Law of Demand. High prices signal a high quality park experience. The higher price gives the park an incentive to expand capacity and permit more visitors. The low-attendance day falls on an autumn Wednesday, while the high-attendance day falls on a summer Saturday.
Business
1 answer:
slega [8]3 years ago
8 0

Answer:

The low-attendance day falls on an autumn Wednesday, while the high-attendance day falls on a summer Saturday.

Explanation:

There are no rare class of goods which do not follow the Law of Demand

The most probable reason may be the dates are at different time period, when the demand is lower and therefore the price must be lower to generate  enought attendance  to make it profitable. While, the second date is onpeak demand.

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grandymaker [24]

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54 percent

Explanation:

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3 years ago
Some clouds do not rain and others do because the clouds that do not rain do not have enough water in them
Alekssandra [29.7K]
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Minimum-wage laws can keep wagesa.a) above equilibrium and cause a surplus of labor.b) above equilibrium and cause a shortage of
Airida [17]

Answer:

The correct answer is option a.

Explanation:

Minimum wages can be defined as the minimum level of wages that an employer is supposed to pay to workers for their work. It cannot be reduced through an individual contract or collective agreement.  

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4 0
3 years ago
Productivity is generally more difficult to improve in the service sector than in the manufacturing sector. True False
Dvinal [7]

Answer: True

Explanation:

Productivity is the process of measuring an organization's ability to produce a good or service. While organizations that produce goods can point to the total finished number of products as evidence. It is difficult to improve the service sector's productivity, because of the following;

1. Service industries are labor-intensive

2. Measuring and monitoring service quality are difficult

3. Most service establishments are of small size

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4 0
3 years ago
If a Cournot duopolist announced that it will double its output A. the other firm will double output also. B. the other firm doe
jekas [21]

Answer:

B) the other firm does not view the announcement as credible

Explanation:

The reason is that the other firm thinks that the announcing firm will make losses as it will not be able to sell the products in an imperfect market where both the firms have identical cost functions and knew all about the cost. So increasing the production when the demand is the same will decrease the price of the product and result in increased losses to the announcing company.

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