The price of a ticket to the Beyoncé concert is set at $55. All the tickets for the concert sell out one hour after they go on sale and there are still 1,000 fans who want to buy tickets. It follows that the:
A. quantity of tickets demanded is equal to the quantity supplied at the $55 price.
B. equilibrium price of tickets to the concert is $55.
C. equilibrium price of tickets to the concert is more than $55.
D. equilibrium price of tickets to the concert is less than $55.
Answer: C
Economics
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