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Economics

Consider the following statement, paraphrasing one lament by fans. “Fans can never catch up with the vicious cycle of sports event pricing. As fan income rises, they can finally afford the high price of sports events. But this increase in demand for sports just raises prices, again. And fans are right back where they started. It’s a vicious circle that drives the everyday fan out of the arena.” What is the error in this statement? Explain …

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91709068

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