03 Jun Question Part I. Short Answer (5 Points Each) ________ Points
Question
Part I. Short Answer (5 Points Each)
________ Points
Carefully define, explain the usage, and an example of the following concepts:
1. Distinguish between demand and quantity demanded. Do the same for supply and
quantity supplied.
The difference between demand 633
2.
3.
Describe the field of economics known as microeconomics.
What is the cost-benefit principle?
2
Part II. Fully Explain in Essay Format (20 Points) ________ Points
Graphically prove or disprove the following statement. Explain your reasoning. After
last years strike, baseball has experienced a severe drop in attendance even though the
owners have reduced ticket prices and have held special events. Similarly players have
made themselves more available in the hopes of boosting attendance. So far nothing has
worked. In economic terms the law of demand does not hold since attendance at the
major league parks has dropped while at the same time ticket prices have fallen.
3
Part III. Matching (30 Points).
________ Points
_____Market Demand
_____Graphs
_____Negative
_____Positive
_____Supply Side
_____Vertical
_____Variable
_____Resources
_____Opportunity Cost
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