Suppose you bought a concert ticket from Ticketmaster for $50, but when you get to the concert, there are a large number of people waiting outside who offer to pay you more than $50 for your ticket. What is probably true?
A)There is an excess demand for tickets at the Ticketmaster price.
B)The Ticketmaster price was above the equilibrium price.
C)There is an excess supply of tickets at the Ticketmaster price.
D)The Ticketmaster price is the equilibrium price.

Question

Quizplus · Accepted Answer

If there are people waiting outside offering to pay you more than $50 for your ticket, then this suggests that there is an excess demand for tickets at a price of $50.

Suppose You Bought a Concert Ticket from Ticketmaster for $50