If the equilibrium price for tickets to a Kendrick Lamar concert is $120 each, and he sells them for $100. Instructions: In part b, enter your response as a whole number. a. Does he create a market surplus or shortage? O shortage O surplus O Neither a shortage nor a surplus. b. Suppose scalpers buy 8,000 tickets and resell them for $120 each. How much profit do the scalpers earn?

If the equilibrium price for tickets to a Kendrick Lamar concert is $120 each, and he sells them for $100. Instructions: In part b, enter your response as a whole number. a. Does he create a market surplus or shortage? O shortage O surplus O Neither a shortage nor a surplus. b. Suppose scalpers buy 8,000 tickets and resell them for $120 each. How much profit do the scalpers earn?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 21P

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