Suppose You Bought a Concert Ticket from Ticketmaster for $50

question 60

Multiple Choice

Suppose you bought a concert ticket from Ticketmaster for $50, but when you got to the concert scalpers (individuals who re-sell tickets at the event) were selling tickets in the same seating area as yours for $25. What is probably true?

• A)There is excess demand for this concert at the Ticketmaster price.
• B)The ticket you bought was under-priced for the market.
• C)There is an excess supply of tickets for this concert at the Ticketmaster price.
• D)The Ticketmaster price is an equilibrium price.

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Definitions:

Mood Swings

Dramatic fluctuations in a person's emotional state, often seen in various mental health conditions but can also occur in the general population.

Manic Episodes

Periods of abnormally elevated mood and energy levels, often found in bipolar disorder, that can affect behavior and functioning.

Bipolar I Disorder

A mental health condition characterized by extreme mood swings that include emotional highs (mania) and lows (depression).

European American

An American citizen or resident who is of European descent.