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11 April, 09:46

Suppose the equilibrium price for soccer tickets in a free market results in 15,000 tickets being purchased. Major League Soccer has decided to impose a price control of $22 per ticket. At a price of $22, soccer teams would be willing to supply 25000 tickets. At this price, consumers are willing to purchase 17000 tickets. Which of the following is a result of the price control? There will be a (surplus or shortage) of _ tickets?

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  1. 11 April, 09:55
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    Answer: Surplus

    Explanation: There will be a surplus of 8000 tickets. Since soccer teams would be willing to supply 25000 tickets at $22 and the consumers are willing to purchase 17000 tickets at $22. The difference is (25000 ticket - 1700 ticket) = 8000 ticket.
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