Suppose you bought three tickets to a concert in advance at the University ticket window. At the last minute one friend cancelled, so you could use only two of those tickets. You scalped, or sold, the third ticket just outside the entrance to the concert for slightly more than the price you had originally paid. Which transaction occurred in a market?
A)Only the advance purchase and sale at the University window was a market transaction.
B)Only the transaction that occurred the evening of the concert was a market transaction.
C)Both transactions, the one at the University ticket window as well as the sale at the concert entrance, occurred in markets.
D)Neither the advance sale at the University ticket window nor the sale the night of the concert occurred in markets.

Question

Quizplus · Accepted Answer

Both transactions occurred in markets. The advance purchase and sale at the University ticket window took place in a market where tickets were exchanged for money, while the sale of the third ticket outside the entrance to the concert was also a market transaction where the ticket was sold for a slightly higher price than the original purchase price. Therefore, both transactions qualify as market transactions.

Suppose You Bought Three Tickets to a Concert in Advance