What will tend to happen in the market for ballet performances after the lighting and stage technician union wins a 17 percent wage increase for its members?

Question

Quizplus · Accepted Answer

A wage increase for the lighting and stage technician union will increase production costs for ballet performances, causing ticket prices to rise as the ballet company seeks to maintain profitability. The higher ticket prices may result in a decline in the number of performances as some consumers may not be willing or able to pay the higher prices. Therefore, the market for ballet performances will experience a decrease in quantity demanded and an increase in price, leading to a decrease in the overall equilibrium quantity.

What Will Tend to Happen in the Market for Ballet