they did by lottery-for free. That left 53,000 New Yorkers without tickets. It was a scalper's heaven. Sinful resellers immediately started hawking tickets online. The free tickets were simpl mailed in a PDF to lottery winners, with no ID required, making them easy to resell. Scalped tickets sold for as much as $3,000 a pair. Although church officials urged scalpers to repent, the opportunity for profit was irresistible. Source: News accounts, September 2015 According to the News Wire, a. How large was the market shortage at the Church-set price of $07 b. If the Church had sold the tickets for $100, how would have quantity demanded changed? Quantity demanded would have likely c. If the Church sold the tickets for $100, would the market shortage have been larger or smaller? The market shortage would have likely been d. If the Church sold the tickets for the equilibrium price, would a market shortage exist? Sicke

they did by lottery-for free. That left 53,000 New Yorkers without tickets. It was a scalper's heaven. Sinful resellers immediately started hawking tickets online. The free tickets were simpl mailed in a PDF to lottery winners, with no ID required, making them easy to resell. Scalped tickets sold for as much as $3,000 a pair. Although church officials urged scalpers to repent, the opportunity for profit was irresistible. Source: News accounts, September 2015 According to the News Wire, a. How large was the market shortage at the Church-set price of $07 b. If the Church had sold the tickets for $100, how would have quantity demanded changed? Quantity demanded would have likely c. If the Church sold the tickets for $100, would the market shortage have been larger or smaller? The market shortage would have likely been d. If the Church sold the tickets for the equilibrium price, would a market shortage exist? Sicke

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 4PA

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