Business, 12.03.2020 23:04 andrewcassity1

A large group of fans are upset about the high price of tickets to many events. As a result of their lobbying efforts, a new law caps the maximum ticket price to any sporting event at $50. Assume there are a fixed amount of seats in the stadium, all seats are available to be sold, and the price of tickets before the ceiling was at an equilibrium point above $50.
1. The price ceiling will create a of tickets.

a. Surplus
b. Shortage
c. No affect

2. As a result, people will attend events, since the number of seats in a stadium is fixed and teams have no incentive under a price ceiling to restrict the number of tickets sold.

a. Fewer
b. No affect
c. More

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A large group of fans are upset about the high price of tickets to many events. As a result of their...

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