they did by lottery-for free. That left 53,000 New Yorkers without tickets. It was a scalper's heaven. Sinful resellers immediately started hawking tickets online. The free tickets were simpl mailed in a PDF to lottery winners, with no ID required, making them easy to resell. Scalped tickets sold for as much as $3,000 a pair. Although church officials urged scalpers to repent, the opportunity for profit was irresistible. Source: News accounts, September 2015 According to the News Wire, a. How large was the market shortage at the Church-set price of $07 b. If the Church had sold the tickets for $100, how would have quantity demanded changed? Quantity demanded would have likely c. If the Church sold the tickets for $100, would the market shortage have been larger or smaller? The market shortage would have likely been d. If the Church sold the tickets for the equilibrium price, would a market shortage exist? Sicke
they did by lottery-for free. That left 53,000 New Yorkers without tickets. It was a scalper's heaven. Sinful resellers immediately started hawking tickets online. The free tickets were simpl mailed in a PDF to lottery winners, with no ID required, making them easy to resell. Scalped tickets sold for as much as $3,000 a pair. Although church officials urged scalpers to repent, the opportunity for profit was irresistible. Source: News accounts, September 2015 According to the News Wire, a. How large was the market shortage at the Church-set price of $07 b. If the Church had sold the tickets for $100, how would have quantity demanded changed? Quantity demanded would have likely c. If the Church sold the tickets for $100, would the market shortage have been larger or smaller? The market shortage would have likely been d. If the Church sold the tickets for the equilibrium price, would a market shortage exist? Sicke
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter22: Frontiers Of Microeconomics
Section: Chapter Questions
Problem 4PA
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