BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

Solutions

Chapter
Section
BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Think of ticket scalpers at a rock concert, a baseball game, or an opera. Might they exist because the tickets to these events were originally sold for less than the equilibrium price? Why or why not? In what way is a ticket scalper like and unlike your retail grocer, who buys food from a wholesaler and then sells it to you?

To determine

Ticket scalpers.

Explanation

Yes. The selling of the tickets at lower equilibrium price gives an opportunity for the ticket scalpers. The number of the tickets or the supply is fixed when there is an excess demand. However, the price of all tickets would be fixed, and this creates disequilibrium for the tickets. If the tickets are sold at the equilibrium price, there will not be any shortage for the tickets. However, underpricing leaves an opportunity for the ticket scalpers who buy the tickets in bulk at a lower price and resell them at a higher price. In this context, the ticket scalper acts like a retail seller...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

NPV A project has annual cash flows of 7,500 for the next 10 years and then 10,000 each year for the following ...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

Describe an employee self-service system.

Accounting Information Systems

Calculate breakeven point.

Contemporary Marketing