Season ticket holders often purchase their tickets before a season begins. There is often a discount associated with season tickets. Why?
A) Buying season tickets entails risk, which consumers are willing to bear if they are compensated for doing so.
B) Buying season tickets is a way of guaranteeing a supply of tickets for the secondary market.
C) Selling season tickets entails greater transactions costs which team owners hope to avoid.
D) Sports teams are local monopolies.
Question 2
In NASCAR, a race winner might win, say, 500,000, whereas second place wins 450,000. Why might NASCAR have a 10 reduction in prize money from first and second place?
A) To ensure that there is enough money to pay those who finish near last.
B) To motivate drivers to take risks they might not otherwise take.
C) To motivate drivers to not take risks they might otherwise take.
D) NASCAR is a cartel.
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