Table 4-8 A Country Club Usually Only Allows Members to Purchase Tickets

question 92

Multiple Choice

Table 4-8
A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. The demand and supply schedules are as follows:

-Refer to Table 4-8.If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament and the country club sets the ticket price at $30,then there will be

• A) a shortage of 300 tickets.
• B) a surplus of 300 tickets.
• C) 600 tickets sold.
• D) 600 tickets unsold.

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Definitions:

Oral Agreement

A verbal contract in which the terms have been agreed upon through spoken communication, legally binding in many scenarios but harder to prove in court.

Specially Manufactured

Refers to goods that are custom-made to a buyer's specific requirements and specifications and are not easily sellable to others in the regular course of business.

Statute of Frauds

A legal concept that requires certain types of contracts to be executed in writing and signed by all parties involved, to be enforceable.

Oral Contract

An oral contract is an agreement between two or more parties that is spoken and not written down, yet is legally binding.