The price of a ticket to a concert is set at $550. 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 price of a ticket is set:

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter5: Supply, Demand, And Price: Applications
Section: Chapter Questions
Problem 14QP
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The price of a ticket to a concert is set at $550. 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 price of a ticket is set:
Transcribed Image Text:The price of a ticket to a concert is set at $550. 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 price of a ticket is set:
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