Shortage of orange bowl tickets at the box office price

Question

Suppose that more people want Orange Bowl tickets than the number of tickets available. Which of the subsequent statements is correct?

a) There is a shortage of Orange Bowl tickets at the box office price.

b) The box office price is higher than the equilibrium price for Orange Bowl tickets.

c) If the box office price were raised, the excess demand for Orange Bowl tickets would decrease.

d) both a and c.

Posted Date: 2/5/2014 11:17:28 PM | Location : United Kingdom(UK)

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