Suppose that, at an official ticket price of $500, there are 6,000 Justin Timberlake fans wanting to attend his concert, but only 4,000 ticketed seats are available. Which one of the following statements is then TRUE?
A. There will be a surplus of tickets.
B. The market clearing price of the tickets is more than $500.
C. The market clearing price of the tickets is less than $500.
D. There will be scalpers outside the arena selling tickets for $500.
Answer: B
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A) A + B + C + D + E + F + G + H + I + J + K + L B) A + B + C + D + E + F + G + H + I + J + K C) A + B + C + D + E + F + G + H D) C + D + E + F + G + H
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Indicate whether the statement is true or false
A change in the price of a good will shift the demand for labor producing that good
Indicate whether the statement is true or false
The "invisible hand" using Adam Smith's terminology refers to:
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