In 2016, the face value of tickets to the Broadway musical Hamilton was
A) above the equilibrium price.
B) below the equilibrium price.
C) set exactly at the equilibrium price.
D) lowered due to falling demand.
Answer: B
You might also like to view...
The market demand curve for mangos is
A) upward sloping because rich people can afford more mangos than poor people can buy. B) the same as the demand curve of one buyer in a market with many buyers. C) the horizontal sum of the individual demand curves of all the buyers. D) the vertical sum of the individual demand curves of all the buyers. E) the horizontal average of the individual demand curves of all the buyers.
In the country levying the tariff, the tariff will
A) increase both consumer and producer surplus. B) decrease both the consumer and producer surplus. C) decrease consumer surplus and increase producer surplus. D) increase consumer surplus and decrease producer surplus. E) decrease consumer surplus but leave producers surplus unchanged.