Essay
A musical group called "The Grateful Dead" sold out concert after concert and typically provided a good living for scalpers (who buy tickets and resell them). Explain (using a supply and demand diagram) how The Grateful Dead's ticket pricing policy set an effective ceiling on the price of concert tickets. If there were a fixed number of seats at their concerts, what was the shape of the supply curve for these seats?
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By setting a top ticket price at a level...View Answer
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Correct Answer:
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