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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Definitions:

Water-Soluble Paint

Paint that can be dissolved, thinned, or cleaned up with water, rather than requiring chemicals or solvents.

Living Sculpture

Artistic works that include living organisms, such as plants or even animals, as part of their composition, blurring the lines between art and life.

National Endowment

The collective wealth, assets, or resources that a country possesses, which can contribute to its economic development and welfare.

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The total expenditure incurred by employers for the compensation of employees, including wages, benefits, and taxes.