-Suppose That, at an Official Ticket Price of $480, There

question 373

Multiple Choice

-Suppose that, at an official ticket price of $480, there are 6,000 Justin Timberlake fans wanting to attend his concert, but only 4,000 ticketed seats are available. Which one of the following statements is then TRUE?

• A) There will be scalpers outside the arena selling tickets for $480.
• B) There will be a surplus of tickets.
• C) The market clearing price of the tickets is less than $480.
• D) The market clearing price of the tickets is more than $480.

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Definitions:

Infant

A very young child or baby, typically under one year of age.

Respirations

The biological process of inhaling oxygen and exhaling carbon dioxide, necessary for the life of many organisms.

Pulse

The rhythmic throbbing of the arteries as blood is propelled through them, typically felt in the wrists or neck.

Heart Beats

The rhythmic contraction and relaxation of the heart muscles that circulate blood throughout the body.