Years ago, thousands of country music fans risked their lives by rushing to buy tickets for a Willie Nelson concert at Carnegie Hall. This behavior indicates Select one: a. nothing about the equilibrium price. b. the ticket price was at the equilibrium price. c. the ticket price was below the equilibrium price. d. the ticket price was above the equilibrium price.

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09-12-2021
Business

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Years ago, thousands of country music fans risked their lives by rushing to buy tickets for a Willie Nelson concert at Carnegie Hall. This behavior indicates Select one: a. nothing about the equilibrium price. b. the ticket price was at the equilibrium price. c. the ticket price was below the equilibrium price. d. the ticket price was above the equilibrium price.

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Martebi Martebi · Answer 1 · 2021-12-20T09:18:10+01:00

There a lot of changes that affect price. This behavior indicates this ticket was below the equilibrium price

When the price of goods and services is below the equilibrium price, there is known to be excess demand for the product and this is regarded as shortage of supply.

Due to the fact that quantity demanded is more than quantity supplied, consumers are known to be willing to buy more than producers are willing to sell. This result in a mismatch between demand and supply that will lead to the increase in price.

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