Economics for Today 9th Edition by Irvin Tucker

Exercise 22

MICROECONOMICS FUNDAMENTALS
This road map feature helps you tie together material in the part as you travel the Economic Way of Thinking Highway. The following are review questions listed by chapter from the previous part. The key concept in each question is given for emphasis, and each question or set of questions concludes with an interactive game to reinforce the concepts. Visit cengagebrain.com to purchase the MindTap product where you can select a chapter and play the visual causation chain game designed to make learning fun. The correct answers to the multiple choice questions are given in Appendix C.
Key Concept: Shortage
Which of the following situations results from a ticket price to a concert set below the equilibrium price?
A) A long line of people wanting to purchase tickets to the concert
B) No line of people wanting to buy tickets to the concert
C) Tickets available at the box office, but no line of people wanting to buy them
D) None of the above
Causation Chain Game
Supply and Demand for Sneakers-Exhibit 12