-Refer to Exhibit 3-16.Which of the graphs best represents the market for theater tickets that are already sold out on the day of the performance?
A) (1)
B) (2)
C) (3)
D) (4)

Question

-Refer to Exhibit 3-16.Which of the graphs best represents the market for theater tickets that are already sold out on the day of the performance?
A) (1) 
B) (2) 
C) (3) 
D) (4)

Quizplus · Accepted Answer

Graph (3) best represents the market for theater tickets that are already sold out on the day of the performance because it shows a vertical supply curve, indicating that the quantity of tickets available is fixed and cannot be increased, regardless of the price. This is characteristic of a sold-out event where no additional tickets can be made available.