A Supreme Court ruling in the 1980s allowed individual colleges to sell TV rights to their football games directly to broadcasters, a right that prior to the court’s ruling had been held only by the NCAA. Prior to the ruling, the NCAA had limited televised games to one or two per week. You would predict that following the Supreme Court’s decision, there would be ________ in the number of televised football games and ________ in the price paid by broadcasters for TV broadcast rights to any single game.  

Headline: “Used-Car Sales Boom as New Cars Get Too Pricey for Many, (The Wall Street Journal, Sept 23, 2018). The most likely explanation for what is happening in the used and new car markets is ________.

EverSoft Soap Company has developed a new facial soap and wants to determine whether to offer a rebate on each customer’s first purchase of a new bar of soap. EverSoft estimates that, with distribution expenses, each $1.00 rebate will cost the firm $1.50. EverSoft should ________.

Suppose that you are managing a firm and want to maximize your profits. You find that when you increase the level of production in the short run, the cost of producing any additional output increases. Knowing this information, what should you do with your production levels?  

Suppose that the price of gold increases dramatically from its current level. As a consequence, ________.

There are three individuals in an economy, each with a constant-cost production possibilities frontier. The first individual can produce either 100 A or 100 B (or a combination of the two at the cost of 1 A for 1 B). The second individual can produce either 40 A or 100 B (or a combination of the two at a cost of 1 A for 2.5 B). The third individual can produce either 100 A or 40 B (or a combination of the two at a cost of 1 A for .4 B). If these individuals can trade at a price of 1 A for 1.5 B, then the economy will produce ________.

Suppose that the price of the output in the previous problem increases from $1 to $60. If the firm were to hire five workers, it would be willing to pay workers no more than  ________.

Read this excerpt from a Wall Street Journal article (Sept 29, 2016): “OPEC members agreed that they need to cut crude oil output to reduce the world’s supply. . . . This was enough to send oil prices higher even though reaching a deal remains far from certain.” What statement best fits what we can assume based on the article excerpt?

Assume that the demand and supply schedules for brussels sprouts (aside: an especially noxious vegetable unless cooked with lots of bacon!) are given in the following table:  Demand and Supply for Brussels Sprouts Price of Brussels Sprouts ($/lb) Quantity Demanded (million lbs) Quantity Supplied (million lbs) .40 100 15 .60 80 35 .80 70 50 1.00 62 62 1.20 55 74 1.40 49 86 1.60 45 100 1.80 42 115 2.00 40 140 At the market equilibrium price, the elasticity of demand is ________.

Quick Selection Tool quickly “paints” a selection using an adjustable round brush edge. As you drag the quick selection tool across your image, the selection expands outward. This tool automatically finds and follows defined edges in the image.