Suppose that 20,000 tickets were sold at $120 for an NBA game at Madison Square Garden in New York. The game was sold out and some fans could not get tickets. a. This suggests that selling price was at equilibrium. b. selling price was above equilibrium price. c. he game was advertised too heavily .d. selling price was below equilibrium price

Suppose that 20,000 tickets were sold at $120 for an NBA game at Madison Square Garden in New York. The game was sold out and some fans could not get tickets. a. This suggests that selling price was at equilibrium. b. selling price was above equilibrium price. c. he game was advertised too heavily .d. selling price was below equilibrium price

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 28QP

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Question

Suppose that 20,000 tickets were sold at $120 for an NBA game at Madison Square Garden in New York. The game was sold out and some fans could not get tickets.

a. This suggests that selling price was at equilibrium.

b. selling price was above equilibrium price.

c. he game was advertised too heavily

.d. selling price was below equilibrium price

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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