One In the News article in the text titled "The Real March Madness: Ticket Prices " described how professional scalpers use the Internet to sell hard-to-get tickets to concerts and sporting events.Apparently the initial price of the tickets being scalped was too
A)Low for equilibrium,resulting in a surplus of tickets.
B)Low for equilibrium,resulting in a shortage of tickets.
C)High for equilibrium,resulting in a surplus of tickets.
D)High for equilibrium,resulting in a shortage of tickets.

Question

Quizplus · Accepted Answer

When the initial price of tickets is too low for equilibrium, it results in a shortage of tickets because the demand exceeds the supply at that price point. This scenario encourages scalping as scalpers can buy tickets at the low price and sell them at a higher price due to the high demand.

One in the News Article in the Text Titled "The