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6 September, 08:30

3. The marginal cost of admitting an additional fan to watch the Sacramento Kings play basketball is close to zero, but the average price of a ticket to a Kings game is about $60. What do these facts tell you about the market in which the Kings operate?

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  1. 6 September, 10:24
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    Answer and Explanation:

    That since MC = zero, but Price charged is greater than MC, Therefore the market is characterized by imperfect Competition, because in perfect competition, the price = MC So that the market should have some degree of monopoly power.
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