Scalpers sell tickets for such events as the World Series and the Super bowl for prices many times the amount printed on the tickets.This situation is an example of which of the following conditions?
A)Market in equilibrium
B)Surplus causing an increase in market price
C)Shortage causing an increase in market price
D)Market in which the quantity demanded is less than the quantity supplied

Question

Quizplus · Accepted Answer

This situation exemplifies a shortage causing an increase in market price. Scalpers are able to sell tickets at higher prices because the demand for tickets to events like the World Series and the Super Bowl exceeds the available supply, leading to a shortage. This shortage drives up the market price above the face value of the tickets.

Scalpers Sell Tickets for Such Events as the World Series