Suppose You Bought a Concert Ticket from Ticketmaster for $50

question 1

Multiple Choice

Suppose you bought a concert ticket from Ticketmaster for $50, but when you get to the concert, there are a large number of people waiting outside who offer to pay you more than $50 for your ticket. What is probably true?

• A)There is an excess demand for tickets at the Ticketmaster price.
• B)The Ticketmaster price was above the equilibrium price.
• C)There is an excess supply of tickets at the Ticketmaster price.
• D)The Ticketmaster price is the equilibrium price.

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