A Result of Selling Concert Tickets Cheaply,that Is Below the Equilibrium

question 65

Multiple Choice

A result of selling concert tickets cheaply,that is below the equilibrium price,will be that

• A) only those with nothing else to do will wait in line to buy a ticket.
• B) ticket buyers' benefits increase,at the expense of the performers.
• C) the costs associated with competition among buyers for the limited number of tickets will create deadweight losses.
• D) more tickets will be sold than if the price were at the market equilibrium.

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Definitions:

Pessimistic Attributions

The tendency to explain the causes of negative events in one's life as internal, stable, and global.

Anchoring Effect

A cognitive bias where an individual relies too heavily on an initial piece of information (the "anchor") when making decisions.

Confirmation Bias

The inclination to seek out, interpret, prefer, and remember data in a manner that affirms one's existing beliefs or hypotheses.

Psychological Disorder

A mental disorder characterized by patterns of thought, behavior, or emotions that are significantly distressing, dysfunctional, or deviant from cultural norms.