The graph shows the market for concert tickets. Draw a horizontal line at a price at which there is a shortage of concert tickets. Label it Price. Draw an arrow that shows the amount of the shortage When does a shortage occur? How does the price change to reach equilibrium? A shortage occurs at a given price when The price to reach equilibrium. A. supply is greater than demand; falls OB. the quantity demanded is greater than the quantity supplied; rises OC. demand is greater than supply, rises OD. the quantity supplied is greater than the quantity demanded; falls 600- 500- 400- 300- 200- 100- 0- Price (dollars per ticket) Quantity (millions of concert tickets per year) D 6 (6,100) >>> Draw only the objects specified in the question.
The graph shows the market for concert tickets. Draw a horizontal line at a price at which there is a shortage of concert tickets. Label it Price. Draw an arrow that shows the amount of the shortage When does a shortage occur? How does the price change to reach equilibrium? A shortage occurs at a given price when The price to reach equilibrium. A. supply is greater than demand; falls OB. the quantity demanded is greater than the quantity supplied; rises OC. demand is greater than supply, rises OD. the quantity supplied is greater than the quantity demanded; falls 600- 500- 400- 300- 200- 100- 0- Price (dollars per ticket) Quantity (millions of concert tickets per year) D 6 (6,100) >>> Draw only the objects specified in the question.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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