Paying for a Virtual Seat in the Stands
Media Type: TV Clips Topic: Supply & Demand, The Firm
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This is a local TV news feature that explains how fans during the pandemic could support their teams at home games. Franchises offered fans an opportunity to have a cardboard cutout of themselves in the stadium, and the Cleveland Indians decided to limit the supply of cardboard cutouts to 1,000 so they could increase the price of the cutout to $100 due to high demand. This made it possible for teams (such as the Indians) to charge a price of $100 to virtually attend a game when it cost an average about $33 to attend in person according to statista.com.
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