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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

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

Consider the theater in which a Broadway play is performed. If tickets for all seats are the same price (say, $70), what economic effect might arise?

To determine

The economic effect.

Explanation

It is given that the price of tickets for all seats is equal for the theatre show. However, it is obvious that the demand for the show would differ depending on the time and the demand for the seats also differs. There may be a higher demand for the show held at evening that in the morning. It is also expected that the demand for the front row seats would be higher than the demand for the seats at the back row. This would lead to an excess demand for the front row seats or shortage of the preferred seats...

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