Suppose that, at an official ticket price of $480, there are 6,000 Justin Timberlake fans wanting to attend his concert, but only 4,000 ticketed seats are available. Which one of the following statements is then TRUE?
A) There will be scalpers outside the arena selling tickets for $480.
B) There will be a surplus of tickets.
C) The market clearing price of the tickets is less than $480.
D) The market clearing price of the tickets is more than $480.
Answer: D
Economics
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