If we observe long lines of people camping out to get tickets to a concert, this tells us
A) the ticket price is below the market equilibrium price.
B) the ticket price is above the market equilibrium price.
C) it is likely to be a good concert, but it doesn't tell us anything about the ticket price.
D) the opportunity cost of time of the people in line is higher than the average for the general population.

Question

Quizplus · Accepted Answer

When people are willing to camp out for tickets, it indicates that the demand exceeds the supply at the current price, suggesting the ticket price is below the market equilibrium price.

If We Observe Long Lines of People Camping Out to Get