Major League Baseball frequently lobbies government officials to maintain its an

Question

Major League Baseball frequently lobbies government officials to maintain its antitrust exemption. This activity is an example of a. producer surplus b. inelastic pricing c. rent-seeking behavior d. rational ignorance 13. The College Football Association (CFA) a. is the current, NCAA-sanctioned name for what was once known as Division I college football b. was formed to ensure an equal distribution of football television revenues among powerhouse and less-powerful programs c. sought to obtain television revenues for only powerhouse college football programs d. was successfully sued by the NCAA to prevent the CFA's desire for an equal sharing of college football revenues 14. The expression Ev, = (pG-M) + (A-F) indicates that the expected value of a work stoppage a. is increasing in fan repercussion costs b. is decreasing in upfront monetary costs of the stoppage c. will be positive so long as fan repercussion costs equal 0 d. equals 0 if p> 0 15. In the identity V,/E (R/EXB/R)(V/B), the rate of voter turnout is represented by the ratio a. R/E b. B/R c. V/E d. Vm/B 16. For any given side in a labor negotiation, the expected value of a work stoppage a. may be positive, increasing the incentive to call a work stoppage b. will be positive if the probability of success is 0 c. generally is negative, making work stoppages inevitable d. graphically does not intersect the horizontal (probability) axis 17. A city that wins the right to host the Olympic Games overpays, having gained more utlity from winning the bid than from making a sound bid. This phenomenon describes a. price-fixing b. rent-seeking c. the winner's curse d. monopsonist exploitation (of the winning city)

Explanation / Answer

12) Correct option is c) because rent-seeking behavior is the way of making profit without benefiting society.

13) option c) is correct because it was formed to negotiate the TV contracts for college football.

14) option b) is correct because the coeeficient of M is negative. This implies dEV/dM <0

15) Option c) is correct because this what we will get on solving.

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