For decades, the mob ran a numbers game in which participants who matched three numbers chosen at
Question:
a. Predict the effect of the creation of state lotteries on the number of people playing numbers-type games.
b. Predict the effect of the creation of state lotteries on the number of people playing mob-run numbers games.
c. Predict the effect of the creation of state lotteries on the price of playing a numbers-type game.
d. Numbers games are unusual in that tickets don’t typically vary in their nominal price — most tickets sell for exactly $1. Given that the nominal price is fixed, how might the price change you indicated in (c) be achieved?
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Related Book For
Microeconomics
ISBN: 9781464146978
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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