The graph below shows the market for tickets to a "Final Four" sports event. Assume that there is only one kind of ticket to the event. Refer to the above graph. The supply curve in this event-ticket market is vertical because:

Question

The graph below shows the market for tickets to a "Final Four" sports event. Assume that there is only one kind of ticket to the event.  Refer to the above graph. The supply curve in this event-ticket market is vertical because:

Quizplus · Accepted Answer

The supply curve is vertical because the organizers are selling a fixed number of tickets, and they cannot increase the quantity supplied even if the price increases. This is because the number of tickets available for sale is limited, and the organizers cannot produce more tickets to meet the increasing demand. Therefore, the supply curve is perfectly inelastic, and any shift in demand will result in a change in price but not in the quantity supplied.

The Graph Below Shows the Market for Tickets to a "Final