"Standard tickets for Beyonce’s Renaissance tour went on sale in the UK for a price of £56 in February 2023. Many fans complained about receiving constant error messages and being stuck in long on-line queues of more than 500,000 people. In response to these negative comments a spokesperson for Ticketmaster, the company in charge of selling the tickets, stated that: ‘There was never going to be enough tickets to meet demand’." What is a secondary ticketing market, and how does its existence affect the allocation of resources in the market for Beyonce's Renaissance tour tickets? (Include diagram)
"Standard tickets for Beyonce’s Renaissance tour went on sale in the UK for a price of £56 in February 2023. Many fans complained about receiving constant error messages and being stuck in long on-line queues of more than 500,000 people. In response to these negative comments a spokesperson for Ticketmaster, the company in charge of selling the tickets, stated that: ‘There was never going to be enough tickets to meet demand’." What is a secondary ticketing market, and how does its existence affect the allocation of resources in the market for Beyonce's Renaissance tour tickets? (Include diagram)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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"Standard tickets for Beyonce’s Renaissance tour went on sale in the UK for a price of
£56 in February 2023. Many fans complained about receiving constant error
messages and being stuck in long on-line queues of more than 500,000 people. In
response to these negative comments a spokesperson for Ticketmaster, the
company in charge of selling the tickets, stated that: ‘There was never going to be enough tickets to meet demand’."
What is a secondary ticketing market, and how does its existence affect the allocation of resources in the market for Beyonce's Renaissance tour tickets? (Include diagram)
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