Economics > EXAM > Econ 2447 Sports Economics-final exam-V3-with 100% verified answers-2022 (All)

Econ 2447 Sports Economics-final exam-V3-with 100% verified answers-2022

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Econ 2447 Sports Economics-final exam-V3-with 100% verified answers-2022 Name: Kyle Pan Econ 2447 Sports Economics First exam Spring 2021 T. Miceli Write your answer to all questions in th... e space provided. All questions are worth 4 points. Multiple choice. _D_1. Sports economics is concerned with (a) The business aspects of professional sports (b) The determination of player salaries (c) The optimal structure of sports leagues (d) All of the above _D_2. Competitive balance (a) Is an objective of most sports leagues because it maximizes aggregate fan welfare (b) Means that there is a roughly equal probability of winning for each team (c) Means the same thing as “parity” (d) All of the above _B_3. Marginal revenue (a) Is always equal to the price (b) Is equal to the increment in revenue from selling one additional unit of output (c) Cuts the demand curve from above (d) Is an upward sloping curve _C_4. A monopolist maximizes profit by (a) Setting price equal to marginal cost (b) Setting marginal revenue equal to zero (c) Setting marginal revenue equal to marginal cost (d) None of the above _C_5. Win maximization (a) Is never the goal of a professional sports team (b) Is the goal of all professional sports teams (c) Should result in a higher winning percentage compared to profit maximization, all else equal (d) Should result in the same payroll as profit maximization, all else equal _D_6. Monopoly pricing by a sports team (a) Results in a price above marginal cost (b) Reduces consumer welfare compared to competitive pricing (c) Is possible in part because of fan loyalty (d) All of the above CONTINUED........ [Show More]

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