Last week there was a concert in SAP center where country singers performed. What would be the equilibrium price of admission for country music venues and the quantity of tickets in these venues, if [1] more people started listening to country music, and at the same time [2] more country music bars have started operating, other things remaining constant? O The admission price would rise but the impact on the quantity of tickets is ambiguous. O The quantity of tickets would rise but the impact on admission price is ambiguous. O Both the admission price as well as the quantity of tickets would rise. O Both the admission price and the quantity of tickets would drop.
Last week there was a concert in SAP center where country singers performed. What would be the equilibrium price of admission for country music venues and the quantity of tickets in these venues, if [1] more people started listening to country music, and at the same time [2] more country music bars have started operating, other things remaining constant? O The admission price would rise but the impact on the quantity of tickets is ambiguous. O The quantity of tickets would rise but the impact on admission price is ambiguous. O Both the admission price as well as the quantity of tickets would rise. O Both the admission price and the quantity of tickets would drop.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
Section: Chapter Questions
Problem 2MC
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