Category: Economics

6. What is the difference between a shortage and scarcity? (1 point)

➤ How do league structures and competition prevent the Reds from being a monopoly?
Major League Baseball creates a network of competing teams, shared schedules, and player mobility. Fans can follow other teams by attending, streaming, or watching national broadcasts. These competitive channels, plus possible intercity travel and regional rivals, ensure the Reds cannot control the overall baseball market, limiting their market power to a local or product-specific level.

Which of the following describes a natural monopoly?
A plumbing company

Make a case that currency is a public good and should be centralized.

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➤ Why do expectations influence consumer behavior?
Expectations act as mental benchmarks that consumers use to evaluate outcomes. People compare actual performance against those benchmarks. Positive disconfirmation increases satisfaction and repeat purchases. Negative disconfirmation lowers perceived value and can trigger returns or negative reviews. Signals like advertising, price, and social proof form those benchmarks.

List four shift factors of supply and explain how each affects supply.