Term
In the application of upstream/downstream pricing to the analysis of sports media...?
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Definition
A media organization represents the downstream seller.
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Term
If a pro sports franchise faces a negatively sloped demand function for tickets to home games, its total revenue function will be.....?
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Definition
An inverted U shaped curve.
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Term
In the mid 1990s, the New York Islanders hockey franchise....?
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Definition
Had smaller player payroll compared to the New York Rangers franchise.
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Term
The offering of discounted ticket prices for senior citizens...?
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Definition
Succeeds because senior citizens exhibit greater price elasticity of demand for tickets than other fans.
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Term
The marginal revenue of a firms advertising activity....?
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Definition
Indicates how one more unit of advertising expenditure alters the firm's total revenue.
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Term
To maximize profit in the use of productive input, a firm will operate such that....?
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Definition
The marginal cost of the input equals the marginal revenue product of the input
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Term
Suppose a sports franchise faces downsloping demand for tickets to its home games.
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An increase in ticket prices will....? |
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Definition
Reduce attendance, but not to 0
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Term
For a given firm in the short run...?
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Definition
TC = TFC + TVC
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Term
Which of the following is assumed to be constant along the market demand curve for major league baseball memorabilia?
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Definition
The incomes of potential buyers of MLB memorabilia
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Term
Which of the following accurately describes the law of supply in a sports economic context?
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Definition
Offering higher ticket prices to a sports organization causes the organization to make more tickets available.
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Term
A sports franchise's operating profit
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Definition
Does not account for interest and depreciation.
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Term
The Advertising Game results in a nash equilibrium whereby...?
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Definition
Each firm increases its ad spending.
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Term
The 1964 purchase of the Braves baseball franchise....?
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Definition
Featured extensive accounting deductions for player skills.
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Term
A sports organization decides to lower ticket prices within the inelastic portion of the ticket demand curve. For this organization....?
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Definition
Marginal revenue is negative.
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Term
A sports team owner's normal profit represents?
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Definition
The factor payment for the owner's entrepreneurship
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Term
The practice of deducting the depreciation of player skills for accounting purposes pioneered by....?
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Definition
Sports team owner Bill Veeck
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Term
Club Theory....?
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Definition
Offers economic explanation for sports league formation, involves willing surrender of individual autonomy and formalizes the benefits and costs of adding new members to an organization.
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