Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
Question
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Chapter 7.4, Problem 3R
To determine

To evaluate: The way shortage of tickets to a professional sports event will decide the price of those tickets.

Expert Solution & Answer
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Explanation of Solution

The market for tickets works like every other common markets. When there is a game that people really want to watch, ticket prices would start increasing as ticket sellers knows that the demand for the ticket will be higher.

So, when there will be a shortage of tickets, it means that the supply of tickets will be low due to which the ticket sellers will raise the price of tickets in order to earn more. Hence, the shortage of tickets will automatically leads to a climb in the tickets price.

Economics Concept Introduction

Introduction: A situation or state in which all forces are balanced is known as equilibrium. Or it can be said that, in the absence of outside any change, economic variables will remain the same.

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Chapter 7.4, Problem 2R
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Chapter 7.4, Problem 4R

Chapter 7 Solutions

Economics Today and Tomorrow, Student Edition

Ch. 7.1 - Prob. 1RCh. 7.1 - Prob. 2RCh. 7.1 - Prob. 3RCh. 7.1 - Prob. 4RCh. 7.1 - Prob. 5RCh. 7.2 - Prob. 1RCh. 7.2 - Prob. 2RCh. 7.2 - Prob. 3RCh. 7.2 - Prob. 4RCh. 7.2 - Prob. 5R
Ch. 7.2 - Prob. 6RCh. 7.3 - Prob. 1RCh. 7.3 - Prob. 2RCh. 7.3 - Prob. 3RCh. 7.3 - Prob. 4RCh. 7.3 - Prob. 5RCh. 7.4 - Prob. 1RCh. 7.4 - Prob. 2RCh. 7.4 - Prob. 3RCh. 7.4 - Prob. 4RCh. 7.4 - Prob. 5RCh. 7.4 - Prob. 6RCh. 7 - Prob. 1AACh. 7 - Prob. 2AACh. 7 - Prob. 3AACh. 7 - Prob. 4AACh. 7 - Prob. 5AACh. 7 - Prob. 6AACh. 7 - Prob. 7AACh. 7 - Prob. 8AACh. 7 - Prob. 9AACh. 7 - Prob. 10AACh. 7 - Prob. 11AACh. 7 - Prob. 12AACh. 7 - Prob. 13AACh. 7 - Prob. 14AACh. 7 - Prob. 15AACh. 7 - Prob. 16AACh. 7 - Prob. 17AACh. 7 - Prob. 18AACh. 7 - Prob. 19AACh. 7 - Prob. 20AACh. 7 - Prob. 21AACh. 7 - Prob. 22AACh. 7 - Prob. 23AACh. 7 - Prob. 24AA

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