14. Over the past few year’s consumer tastes and the number of buyers in the market for a game called ‘pickle ball’ have increased dramatically.   Thus, the demand for tickets to pickle ball events has increased.   Before this all started the equilibrium price of a ticket to a pickle ball event was negative.   This means that:   A few years ago, there would have been a surplus of tickets even at a price of zero, now the invisible hand has pushed prices to greater than zero. A few years ago, the quantity of tickets demanded was less than quantity supplied. Pickle ball event tickets resembled the market for recyclable cardboard a few years ago Greater demand for pickle ball tournament tickets will lead to a greater demand – and higher pay – for professional pickle ball players. All of the above. B and D only

Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter4: Markets In Action
Section: Chapter Questions
Problem 10SQ
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14. Over the past few year’s consumer tastes and the number of buyers in the market for a game called ‘pickle ball’ have increased dramatically.   Thus, the demand for tickets to pickle ball events has increased.   Before this all started the equilibrium price of a ticket to a pickle ball event was negative.   This means that:

 

    1. A few years ago, there would have been a surplus of tickets even at a price of zero, now the invisible hand has pushed prices to greater than zero.
    2. A few years ago, the quantity of tickets demanded was less than quantity supplied.
    3. Pickle ball event tickets resembled the market for recyclable cardboard a few years ago
    4. Greater demand for pickle ball tournament tickets will lead to a greater demand – and higher pay – for professional pickle ball players.
    5. All of the above.
    6. B and D only
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