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Forces of supply and demand affect the sale of ticket prices

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Reference no: EM131868525

1. How do the forces of supply and demand affect the sale of ticket prices?

  • As demand for tickets increases and supply of tickets decreases, the cost of tickets decreases.
  • As demand for tickets decreases and supply of tickets decreases, the cost of tickets decreases.
  • As demand for tickets decreases and supply of tickets increases, the cost of tickets increases.
  • As demand for tickets increases and supply of tickets decreases, the cost of tickets increases.

2. Which of the following best describes the negative impact of ticket scalping?

  • Scalping decreases the availability of tickets through traditional channels, causing ticket price to increase.
  • Scalping decreases the availability of tickets through traditional channels, causing demand to decrease.
  • Scalping decreases the availability of tickets through traditional channels, causing demand to increase.
  • Scalping decreases the availability of tickets through traditional channels, causing ticket price to decrease.

3. Which of the following scenarios involving scalpers is likely to result in prices for consumers that are lower than the initial price listed by the legitimate retailer?

  • Scalpers purchase tickets that are undesirable to consumers, forcing the scalpers to auction the tickets at a price lower than the original price offered by the retailer.
  • Scalpers purchase all available tickets, allowing them to control the price offered to the general public.
  • After scalpers purchase tickets, it is announced that a desirable and popular guest drummer will join the band.
  • Scalpers purchase large numbers of tickets that are desirable, enabling them to undercut the prices offered by the retailer.

4. Scalpers often artificially decrease supply by releasing tickets in waves, making it impossible for consumers to know how many tickets remain. This causes the equilibrium - - price to?

  • increase.
  • decrease.
  • remain constant.
  • become zero.
  • become irrelevant.

5. In some states, there are legal limits to how much a scalper can mark up the price of tickets. What type of economy does this suggest?

  • Modified capitalism
  • Pure capitalism
  • Communism
  • Socialism
  • Monopolistic competition

Reference no: EM131868525

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