Econ 2447 Sports Economics-First exam-with 100% verified answers-2022
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Econ 2447 Sports Economics-First exam-with 100% verified answers-2022 Name: Econ 2447 Sports Economics First exam Spring 2021 T. Miceli Write your answer to all questions in the space p... rovided. All questions are worth 4 points. Multiple choice. 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 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 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 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 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 6. Monopoly pricing by a sports team CONTINUED.... [Show More]
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