Business, 23.03.2020 19:58 biancasamadp3usfw

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.The price ceiling will create a of tickets, which will be greater if demand is more , and people will attend the events.

a. surplus; elastic; more
b. shortage; inelastic; fewer
c. shortage; elastic; the same number of
d. surplus; elastic; fewer

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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...