Music writer Anthony Kuzminski praised rock star Tom Petty in a 2007 article in the online Unrated Magazine.Kuzminski wrote: "Something Petty never can get enough credit for is his fan-friendly attitude.He kept ticket prices for [his concerts] at $50 when other acts this summer are charging upwards of $100 for stadium gigs.Petty could charge more, but he doesn't see the point.He has stated time and time again he still makes millions when he's on the road, regardless of his ticket prices.He is the last of the fan friendly rock stars out there." Use economic reasoning to write a rationale for Tom Petty's decision to charge prices for his band's ("Tom Petty and the Heartbreakers")concerts that are less than market clearing prices.
Source: Anthony Kuzminski, "Tom Petty & The Heartbreakers at the Vic Theater" http://www.unratedmagazine.com/
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q190: In an experiment that employed the dictator
Q192: Economists have used the ultimatum game and
Q193: Many people leave their servers tips in
Q196: Economists have shown that when the ultimatum
Q198: List three reasons why demand for a
Q200: The iPod is a product without any
Q204: A study discussed in the Making the
Q205: Economists have noted that businesses of a
Q209: Which of the following is a common
Q217: Studies on consumer behavior have found that
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents