At a price of $50 a ticket, the local hockey team discovers that there are many empty seats. This is evidence that:

Question

Quizplus · Accepted Answer

The presence of many empty seats at a price of $50 suggests that the price is too high, leading to a surplus of tickets (supply exceeds demand at this price). This indicates that the current price is above the equilibrium price, where the quantity demanded would equal the quantity supplied.

At a Price of $50 a Ticket, the Local Hockey