there are only 250 available seats in the hall where a very popular play is performed. The government determines a sufficiently low price for the play so that the ticket is affordable by majority of the society. This performance attracts not only the fans of the play but also scalpers to buy a ticket due to proffitable opportunities. Use supply and demand curves to illustrate this situation. Some claims that scalpers are beneficial for the society since they work to make the market more efficient. Using the concepts of producer and consumer surplus, how can you respond to this claim?
there are only 250 available seats in the hall where a very popular play is performed. The government determines a sufficiently low price for the play so that the ticket is affordable by majority of the society. This performance attracts not only the fans of the play but also scalpers to buy a ticket due to proffitable opportunities. Use supply and demand curves to illustrate this situation. Some claims that scalpers are beneficial for the society since they work to make the market more efficient. Using the concepts of producer and consumer surplus, how can you respond to this claim?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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there are only 250 available seats in the hall where a very popular play is performed. The government determines a sufficiently low price for the play so that the ticket is affordable by majority of the society. This performance attracts not only the fans of the play but also scalpers to buy a ticket due to proffitable opportunities. Use supply and demand curves to illustrate this situation. Some claims that scalpers are beneficial for the society since they work to make the market more efficient. Using the concepts of producer and consumer surplus , how can you respond to this claim?
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