Table 4-12 A Country Club Usually Only Allows Members to Purchase Tickets

question 307

Multiple Choice

Table 4-12
A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. The demand and supply schedules are as follows:
-Refer to Table 4-12. If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament and the country club sets the ticket price at $20, then there will be

• A)a shortage of 300 tickets.
• B)a surplus of 300 tickets.
• C)300 tickets sold.
• D)600 tickets unsold.

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Definitions:

Inferior Goods

Goods whose demand decreases as the income of consumers increases, in contrast to normal goods.

Income

Income generated regularly from employment or investments.

Soda

A carbonated soft drink that is flavored and sweetened, often consumed as a beverage.

Levy

Imposition of a tax, fee, or fine by a government or regulatory authority.