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12 Cards in this Set
- Front
- Back
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Low- and mid-priced sporting goods for the American market are often made elsewhere, but high-end sporting goods are often made in America because U.S. manufacturers can still produce and sell them at a lower:
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relative price
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A profit-oriented team owner will be guided by the following principle:
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marginal revenue = marginal cost
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TorF
Marginal utility refers to the amount of satisfaction or benefit we gain from consuming one more unit of something. |
true
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Economists Quirk and Fort use the term _______ to describe the amount of revenue a player would add to a team if he or she were signed to a contract.
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marginal revenue product
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Large metropolitan areas provide the _____ that every successful team needs
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concentration of potential fans
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Interaction between buyers and sellers helps to determine _____.
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price levels
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The Sherman Antitrust Act of 1890 was a response to public concern over:
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the growing monopoly power of railroads, oil companies, and steel companies
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When a hockey team hires a back-up goalie, it is adding _____.
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a labor input
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Which concept best explains why most baseball gloves are manufactured outside the United States?
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comparative advantage
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Economists Quirk and Fort believe _____ is responsible for much of the economic tension in pro sports.
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the market power of leagues
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The money a team spends on an electronic scoreboard represents:
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a capital investment
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During the 1880s, the reserve clause became a standard feature of every major league baseball player's contract, and for the next 90 years it shaped the economics of baseball by forcing players to:
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stay with the same team and accept whatever salary the team offered
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