Considering our class discussion, choose an answer to fill in the blanks:

An arena management company raises ticket prices at the arena and finds that arena concession sales decrease. The demand curve for concessions was likely shifted ___________, and arena tickets and concessions are likely ____________.

Question

Considering our class discussion, choose an answer to fill in the blanks:

An arena management company raises ticket prices at the arena and finds that arena concession sales decrease. The demand curve for concessions was likely shifted ___________, and arena tickets and concessions are likely ____________.

BlackTom AI · Accepted Answer

The question asks to fill in two blanks regarding the reflected shift in demand for concessions and the relationship between arena tickets and concessions.
First, assess the implication of raising arena ticket prices and observing a decrease in concession sales. When the price of one good (tickets) rises and the quantity demanded of another good (concessions) falls, this suggests that the two goods are linked in consumption. In microeconomics, such a pattern points to a leftward shift in the demand curve for the second good (concessions), indicating a decrease in overall demand for concessions at every price.
Next, determine the likely cross-good relationship. If higher ticket prices lead to fewer concession purchases, the two goods are being consumed together more often than not. This co-consumption is characteristic of complements: when the use of one good makes the other more valuable or when a price increase in one reduces the demand for the other. Therefore, tickets and concessions are likely complements.
So, the reasoning aligns with two conclusions: the demand curve for concessions shifted left (decreased demand), and tickets and concessions are complements.
Note on the provided data: the answer options were not included in the input, but the logic above matches the typical interpretation of the described scenario and yields the fill-ins: left reflecting decreased demand; complements.

ES 212 003 FA 2025 Quiz 3

Considering our class discussion, choose an answer to fill in the blanks: An arena management company raises ticket prices at the arena and finds that arena concession sales decrease. The demand curve for concessions was likely shifted _, and arena tickets and concessions are likely __.

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