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

question 59

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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