20) Economist Alan Krueger surveyed people who attended the 2001 Super Bowl in order to determine whether they believed it would be fair for the National Football League (NFL) to raise the price of 20) tickets to a level that was still less than the amount most fans would be willing to pay. What conclusion did Krueger come to based on his survey results? A) The demand for Super Bowl tickets is elastic. B) The NFL should raise ticket prices so long as the price is less than the maximum fans would be willing to pay. C) The substitution effect from an increase in price is greater than the income effect. D) Whatever the NFL would gain from raising ticket prices in the short run, it would more than lose in the long run. 21) Why do convex indifference curve have a negative slope? 21) A) because consumers take market prices as given B) because scarcity implies that it is not possible to consume more of one good without giving up some of the other C) because to keep utility constant, a consumer must get more of one good if she is to give up some of the other D) because consumers face a budget constraint 22) Suppose Barry is maximizing his utility from consuming used paperback novels and audio boo The price of a used novel = $4 and the price of an audio book = $8. If the marginal utility of the novel was 32 units of utility (utils) what was the marginal utility of the last audio book purch A) 2 utils B) 12 utils C) 16 utils D) 64 utils Figure 9-1 Price