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Soccer tickets in a free market

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Reference no: EM131577151

Suppose the equilibrium price for soccer tickets in a free market results in 15,000 tickets being purchased. Major League Soccer has decided to impose a price control of $22 per ticket. At a price of $22, soccer teams would be willing to supply 25000 tickets. At this price, consumers are willing to purchase 17000 tickets. Which of the following is a result of the price control?

There will be a surplus or shortage? of how many tickets?

Reference no: EM131577151

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