If a university expects 160,000 in ticket revenue from five home football games and 180,000 in ticket revenue if it adds a sixth game, the
A) marginal revenue of the sixth game is 20,000,
B) marginal revenue of the sixth game is 30,000.
C) sixth game will cost more than each of the previous five games.
D) university should add a sixth game only if the average cost of a game is less than 30,000.
Question 2
Which of the following statements is true?
A) Production in a perfectly competitive market is efficient because resources in the market leave those sectors in which price cannot cover their costs of production and enter those sectors where price can cover their costs of production.
B) Production in a perfectly competitive market is suboptimal because absence of free entry and exit of firms allows firms to specialize in only one particular industry.
C) Production in a perfectly competitive market is Pareto inefficient because the government or a central planner carefully analyzes the needs and requirements of the society and instructs firms on what to produce and in what quantity.
D) Production in a perfectly competitive market is Pareto efficient because the government or a central planner carefully analyzes the needs and requirements of the society and instructs firms on what to produce and in what quantity.
John Hopkins University
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