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When excess demand exists for tickets to a major sporting event or a? concert, profit opportunities exist for scalpers. The table below indicates the quantities demanded at various? prices, fill in the values for the supply curve for tickets to a? sold-out venue that holds? 20,000 people.
Price per Ticket Quantity of Tickets Demanded Quantity of Tickets Supplied
?$50 ? 45,000
100 ?40,000
150 ?35,000
200 30,000
250 ?25,000
300 ?20,000
350 ?15,000
The fact that there is a? face-value price of? $50 per ticket could be illustrated on a graph as ?
a horizontal line at $50
a vertical line at 20,000 seats
an upward sloping line.
The equilibrium price that will prevail in the market if scalpers are allowed to operate in the black market would be ?$ per ticket.
The quantity of tickets demanded at the? face-value price is tickets.
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