Econ 2447 Sports Economics First exam Spring 2021 GRADED A+

Econ 2447 Sports Economics First exam Spring 2021 GRADED A+ 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