Question: A black market for tickets was observed at a rock concert. This means that the ticket price was: A. Above the equilibrium price B. Below

A black market for tickets was observed at a rock concert. This means that the ticket price was:
A. Above the equilibrium price
B. Below the equilibrium price.
C. Equal to the equilibrium price.
D. None of the above.

Step by Step Solution

★★★★★

3.27 Rating (150 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Answer is A Explanation Equilibrium means balance and equilibrium price is balanced price where dema... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Consider a sequence A1,A2,... of events each of which have probability zero. a) Find Pr(Pmn=1 An) and find limm!1 Pr{Pmn=1 An). What you have done is to show that the sum of a countably infinite set...

Let a1 and a2 be linearly independent vectors in R3, and let x be a vector in R2. (a) Describe geometrically Span(a1, a2). (b) If A = (a1, a2) and b = Ax, then what is the dimension of Span(a1, a2,...

Let A1 and A2 be arbitrary events and show that Pr A1UA2 + Pr{A1A2) = Pr{A1)+Pr{A2}. Explain which parts of the sample space are being double counted on both sides of this equation and which parts...

Answer all the questions correctly. Write introduction about your in-service presentation topic. type 1 diabetes , Create outline that identifies and describes the important content areas for your...

1. An increase in the prevailing interest rate a. increases the present value of future returns from investment, and increases investment. b. decreases the present value of future returns from...

You helped me a couple of weeks ago. I was wondering if i could setup a time for tomorrow that you could be available to help me with some questions. I will pay $20 per question. They are short and I...

The government has decided that the free-market price of cheese is too low. a. Suppose the government imposes a binding price floor in the cheese market. Draw a supply-and-demand diagram to show the...

Chapter 11: "Government Intervention in Agriculture" Textbook Questions: Using a graph, show how an inelastic demand affects farm revenue (prices) when there is a "bumper crop" (page 203). Explain...

Part 1 (20 Points) Matriple Choice. Please select the best answer (2 points for each question) 1. The price elasticity of demand for a downward sloping straight line demand curve is: a. constant as...

Need help with Accounting Discussion. The questions are attached along with the 10K Report to look for the answer in *Use the Coca Cola 10K Report to answer your questions along with any other...

How does EVA differ from residual income? Discuss.

Xerox Corporation, a company based in Stamford, Connecticut, is involved in the production and management of documents in the form of copy machines, fax machines, and commercial printing equipment....

Which of the following statements is correct regarding depreciation? Deprection experse should be recorded in the appropriate governmental fundt, and recorsed in the finterprise fund accounts....

Briefly explain how the opendoor.com and Zillows offer price routes work when selling your property, contrasting the way they differ from the traditional brokerage route. Briefly discuss the pros and...

1) Suppose you work for Meijer, a large grocer headquartered in Michigan. 20 years ago, Meijer bought a parcel of land on the outskirts of Lafayette, Indiana. It is currently being rented to a...

Jonathan, now a CPA, graduated with a CA designation ten years agoand has worked for the GMC Corporation most of that time, eventually becoming the controller, supervising an accounting staff of five...

Critically analyse the development from a broadcast culture to today's so-called "participatory culture". Focusing on key media and communications technologies, identify the factors that gave rise to...

Michael porter claims that "operational effectiveness" is not a strategy. Why was operational effectiveness such as a focus at Toyota? What are the downsides of lean manufacturing?

this 8 The component of the project management plan that, describes how requirements will be analyzed, documented, and managed Is called the requirements management plan project kickoff meeting risk...

Use demand and supply curves (that means draw, label correctly and fully explain any movements along or shifts) to analyse the probable effects on market equilibrium of the following events 1. On the...

Why is there a thriving 'black market' for tickets at sporting events? How might this problem be overcome? include the referencing of the author

Could you mark the answers of the following questions? (Note: This is a hw assignment, and I have most of the answers, but am lacking on a few questions, so you are not violating integrity) IDzA IDA...

Corruption is a fact of life in China. In fact, Transparency International, a German organization that applies its Corruption Perception Index (CPI) globally each year,1 rates China with a CPI of 41...

Select the correct answer for the following: 1. Private ownership is a natural law. It gives private owners the incentive to a. destroy assets and devalue investments b. do anything they want with...

ECO111EDue: Friday (04/06/21) Tutorial 3 Answer the following questions by selecting the appropriate answer from the list below. Question 1 There are 10 000 seats available at Centre Court for the...