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sports economics

Questions and Answers of Sports Economics

Histories of ideas must be selective. Write an essay about some of the issues of selection that must be faced by people writing a history of economic thought.
The authors of this book admit to having a bias toward interest in the history of thought as a means to gain better understanding of recent thought. How might that have influenced their treatment of
Why is it important to study some of the ideas of heterodox economists as well as those of orthodox theorists? (This is a good question to answer again after you have read all the chapters.)
Discuss how heterodox economists play an important role in the evolution of economic theory.
What is the difference between a relativist and an absolutist approach to the history of economic thought?
Some people argue that one should study the history of thought because it is interesting in its own right. Others argue that it should be studied because it sheds light on the present. Which of these
Is the division of economics into micro- and macroeconomics a natural division? Which should one study first? Why?
Historically, four mechanisms have been used to mediate the problem of scarcity. What are these four methods? Do they all fall under the purview of economics?
1+++ 3. Because of an absence of barriers to entry, firms in an oligopoly earn zero economic profit in the long run. true or false? Explain.
Stanley is currently employing labor at a wage of $5 per unit, and capital at a rate of $25 per unit. The marginal product of labor is currently equal to 20 units, and the marginal product of capital
The labor market for fast food workers is perfectly competitive and is currently in equilibrium. Suppose the cost of restaurant equipment (such as stoves, ovens, and dishwashers) falls. In the market
If the competitive market wage is equal to $30 and the competitive price of the output is $3, how many workers will be employed to maximize profit? A. 1 B. 2 C. 3 D. 4 Number of Employees Marginal
This firm sells each unit of output in a perfectly competitive product market at a price of $10. The value of the marginal product of labor for the sixth worker is equal to: A. $10 B. $14 C. $40 D.
When Eric’s wage falls, we predict that he will:A. Decrease his hours of labor supplied because the substitution effect is greater than the income effect B. Increase his hours of labor supplied
The least-cost combination of labor and capital occurs when the marginal product of labor is equal to the marginal product of capital. true or false? Explain.
If the demand for labor increases and the supply of labor decreases, the wage will certainly rise. true or false? Explain.
If the VMPL curve shifts to the right, the firm will increase hiring to increase profits. true or false? Explain.
When markets are perfectly competitive, the VMPL curve is downward-sloping because of diminishing marginal returns to production. true or false? Explain.
There is no theoretical justification for a downward-sloping labor supply curve. true or false? Explain.
Discuss the decision that a worker must make between leisure and labor.
Nike and Reebok are rival firms in the athletic shoe industry.When we say that they are mutually interdependent, this means that:A. Nike’s actions affect Reebok, but Reebok’s actions do not
Suppose Coke and Pepsi are deciding whether to charge a high price or a low price for a case of soda. The game matrix in Table 9-6 shows the choices and payoffs for this game. If the game is played
Suppose Coke and Pepsi are deciding whether to charge a high price or a low price for a case of soda. The game matrix in Table 9-6 shows the choices and payoffs for this game. If the game is played
Which of the following is true of firms in oligopoly?A. In the long run, an absence of barriers to entry produces breakeven profits.B. Firms are price takers.C. The goods produced can be either
Doug’s Duds is a monopolistically competitive retail clothing store in Freshville. Doug is currently maximizing his profit, but that profit is negative. Given this, firms will _____ the Freshville
Which of the following is true of firms in monopolistic competition?A. Product differentiation leads to a perfectly elastic demand curve for the firm’s product.B. Barriers to entry ensure that
A Nash equilibrium is an outcome of a game such that each player earns the greatest payoff possible, no matter what the other player chooses. true or false? Explain.
The following is true of monopolistic competition in the long run: true or false? Explain. P ATC MR MC.
Like those in perfect competition, firms in monopolistic competition earn zero profit in the long run and, as with monopolies, deadweight loss is created. true or false? Explain.
Describe the key assumptions of oligopoly.
Draw a graph that shows the monopolistically competitive firm maximizing short-run profit and a graph that shows the long-run outcome.
Describe the key assumptions of monopolistic competition and oligopoly.
Table 8-3 shows the demand schedule for a monopolist. Complete the total revenue and marginal revenue columns of the table. If the marginal cost and average cost are a constant $5, how much output
Referring back to the monopolist in problem 8, suppose the government taxed the monopoly profit and gave it back to the consumers as a refund. How would this affect the level of deadweight loss in
Draw a graph showing a profit-maximizing monopolist earning positive economic profit. In the graph, label the following:• The monopoly output Qm• The monopoly price Pm• The area of monopoly
Deadweight loss in a monopoly market is the result of:A. Price exceeding marginal cost at the profit-maximizing monopoly output B. Price equaling marginal cost at the profit-maximizing monopoly
Which of the following is not an example of price discrimination?A. Joe rents a two-bedroom apartment, and Susan rents a threebedroom apartment. Susan’s rent is higher than Joe’s.B. Joe and Susan
Which of the following statements is true of monopoly markets?A. Barriers to entry exist in the short run, but not in the long run.B. Price is greater than marginal revenue but less than marginal
If a natural monopoly is regulated in such a way that price equals average total cost, deadweight loss is eliminated. true or false? Explain.
If the monopoly price is $8 at the profit-maximizing output, the marginal revenue is greater than $8. true or false? Explain.
As with perfect competition, entry of new firms will cause shortrun monopoly profits to fall to zero. true or false? Explain.
When compared to prices in perfectly competitive markets, monopoly prices are higher and fewer units are produced. true or false? Explain.
Discuss how government can regulate a natural monopolist and the pros and cons of doing so.
Describe how the monopoly outcome creates deadweight loss.
List and explain the key assumptions of monopoly.
Which of the following prices would cause the firm to shut down in the short run? A. P2 B. P3 C. Any price between P2 and P4 D. Any price below P4 Price NG MC P ATC P2 P3 PA AVC Q Q2 Q3 Q4 Firm's
If the short-run price is P3, the long-run price will be: A. P1 B. P2 C. P3 D. P4 Price NG MC P ATC P2 P3 PA AVC Q Q2 Q3 Q4 Firm's Output (Q)
Using the labels in the graph, if the current price in the market is P1, the firm will produce _____ units of output and short-run profits will be _____. A. Q4; zero B. Q1; negative C. Q3; zero D.
Josie is a perfectly competitive soybean farmer who is currently producing 100 bushels at the market price of $50 per bushel. Her average variable cost is $60, and her average fixed cost is $10 per
Suppose firms in a perfectly competitive market are earning positive short-run economic profits. Which of the following statements is accurate?A. Long-run profits in this market will be positive.B.
Which of the following is an accurate statement about perfect competition?A. In the long run, the price is equal to average variable cost.B. There are no barriers to entry or exit.C. Firms can
In the long run, the following is true: true or false? Explain. P MR MC = ATC
A key assumption of perfect competition is that firms can set the price. true or false? Explain.
If the price is less than the average total cost, the firm must shut down in the short run. true or false? Explain.
If economic profit is equal to zero, accounting profit is positive. true or false? Explain.
Describe the conditions under which a firm will choose to shut down in the short run.
Draw side-by-side graphs of a competitive market and the typical perfectly competitive firm to show the price, output, and short-run economic profit (or loss) earned by the firm.
List and explain the key assumptions of perfect competition.
Suppose the market for chocolate has reached a competitive equilibrium price and quantity. Which of the following will create deadweight loss in the chocolate market?A. An excise tax is imposed on
Suppose the supply of tobacco is upward-sloping, but the demand for tobacco is perfectly inelastic. If the government increases the per-unit excise tax on tobacco by $T, we can predict that:A. The
Which of the following might cause the market equilibrium in Figure 6-18 to reach a price of $4 and a quantity of 12 units? A. Supply falls with no change in demand.B. Supply rises with no change in
Suppose a price floor of $8 is imposed in the market in Figure 6-18.This price floor will create a ______ in the market and deadweight loss equal to _____. A. shortage of 8 units; $16 B. surplus of
If the market in Figure 6-18 is in equilibrium, the consumer surplus is equal to: A. $64 B. $32 C. $6 D. $8 Price 10 8 16 4 S 12 16 20 Quantity
Suppose you observe that the market price of coffee has decreased and the market quantity of coffee has increased. Which of the following might have caused this?A. The supply curve shifted to the
The market for leather basketballs is currently in equilibrium. If the cost of leather increases for basketball producers, we expect to see a _____ price and a(n) _____ quantity in the market for
Total surplus in the competitive market must fall if a price control is applied to that market. true or false? Explain.
Suppose the market price of tomatoes is $1 per pound. If the government places a price ceiling at $2 per pound, we expect to see a surplus of tomatoes on the market. true or false? Explain.
When the demand for candy decreases, both the equilibrium market price and the equilibrium quantity will decrease. true or false? Explain.
Draw a graph that shows the market equilibrium and how the market adjusts to shifts in demand, supply, or both
Explain why the market equilibrium price exists only at the output level where quantity demanded equals quantity supplied.
Describe the characteristics of competitive markets.
Which of the following might cause the supply of chocolate chip cookies to be less elastic after an increase in the price of the cookies?A. Cookie producers are now operating in the long run.B.
Suppose the marginal cost of producing textbooks is constant and always equal to $80. This would imply that the supply of textbooks is:A. Horizontal at a price of $80.B. Downward-sloping between the
Consider the supply of apple pies. If the price of a pound of apples rises, we would expect:A. The supply of apple pies to shift to the right.B. The supply of apple pies to shift to the left.C. A
Consider the supply of televisions. If the price of televisions increased, we would expect:A. The supply of televisions to shift to the right.B. The supply of televisions to shift to the left. C. An
Consider the supply of automobiles. What will happen to the supply of automobiles if steel, a key production input, becomes less expensive? In a graph, show any movements of the supply curve for
When the price of a pound of bacon is $3, suppose that a local farmer will supply 300 pounds of bacon. If the price falls to $2 per pound, the farmer will supply 200 pounds of bacon. Using the
As more time passes after a change in the price, supply curves become less elastic. true or false? Explain.
An outward shift in the supply curve for soybeans means that, at any price, firms will increases the quantity of soybeans supplied. true or false? Explain.
If the price of corn chips falls, suppliers will increase the quantity of corn chips supplied. true or false? Explain.
The law of supply is really a result of diminishing marginal returns to production. true or false? Explain.
Haley operates a shop that will gift-wrap and ship presents to friends and family. Which of the following choices is most likely a short-run fixed cost for her small business?A. Wages paid to her
When the marginal cost curve is rising, it must be the case that:A. The total cost curve is falling.B. The marginal product of labor curve is falling.C. The total variable cost curve is constant.D.
The average product of labor is equal to ______ units when 8 units of labor are hired.A. 40 B. 2 C. 5 D. −1 Units of Labor (L) 0 1 Total Product of Labor (TP) 0 5 2 13 3 20 4 26 5698 31 35 7 38 40
In Table 4-4, the first unit of labor to see diminishing marginal product is the _____ unit.A. third B. second C. fourth D. ninth Units of Labor (L) 0 1 Total Product of Labor (TP) 0 5 2 13 3 20 4 26
Which of the following statements is false about short-run production functions?A. As more labor is employed, the marginal product of labor eventually decreases.B. If the marginal product of labor
Diminishing returns to variable inputs implies rising marginal production costs. true or false? Explain.
The short-run total fixed cost curve rises at an increasing rate as more output is produced. true or false? Explain.
Diminishing marginal product is a short-run phenomenon. true or false? Explain.
In the long run, all inputs are variable. true or false? Explain.
When the marginal product of labor is falling, the total product of labor is falling. true or false? Explain.
Make the connection between short-run production and short-run cost functions and how diminishing marginal product of labor implies an increasing marginal cost of production.
Understand the concept of diminishing marginal product and why it exists in the short run.
Compute the marginal and average products of labor from data on the total product of labor and graph these functions.
Distinguish between the short-run and long-run production periods.
The price elasticity of demand for Pietro’s Pizza is equal to 3. Mr.Pietro wants to increase total revenue, so he should:A. Decrease the price because demand is inelastic.B. Decrease the price
Suppose that consumers consider wheat to be a normal good and that the response to a change in income is fairly inelastic. Given this, we would expect:A. The income elasticity to be positive and less
Assuming that consumers like to consume tortillas and refried beans together, which of the following statements is accurate?A. When the price of tortillas increases, the demand for refried beans
Margaret enjoys riding lessons. When the price is $100 per lesson, she will purchase 10 lessons each year. If the price rises to $140, she will purchase only 6 lessons in a year. Using the midpoint
Table 3-2 shows Melanie’s daily demand for cups of iced tea. If the price of tea falls from $3 to $1, how will Melanie adjust her consumption of tea?TABLE 3-2 Melanie’s Demand for Iced TeaA.

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