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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![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?
The admission price would rise but the impact on the quantity of tickets is ambiguous.
888
The quantity of tickets would rise but the impact on admission price is ambiguous.
Both the admission price as well as the quantity of tickets would rise.
Both the admission price and the quantity of tickets would drop.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7e2bbf39-064f-45a2-b5d6-7e2858aa5afb%2Fc6e7aae9-6159-43cc-b0b7-3b1806953ebd%2F4sf6ck_processed.png&w=3840&q=75)
Transcribed Image Text: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?
The admission price would rise but the impact on the quantity of tickets is ambiguous.
888
The quantity of tickets would rise but the impact on admission price is ambiguous.
Both the admission price as well as the quantity of tickets would rise.
Both the admission price and the quantity of tickets would drop.
![How would [1] a decrease in the price of flour and [2] an improvement in technology of pizza
making would affect the market price and quantity of pizza, other things remaining constant?
The price of pizza would drop and the equilibrium quantity would rise.
The price of pizza would drop but the impact on the equilibrium quantity is uncertain.
The equilibrium quantity of pizza would rise but the impact on price is uncertain.
Both the price as well as the equilibrium quantity of pizza would rise.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7e2bbf39-064f-45a2-b5d6-7e2858aa5afb%2Fc6e7aae9-6159-43cc-b0b7-3b1806953ebd%2Fp37c1um_processed.png&w=3840&q=75)
Transcribed Image Text:How would [1] a decrease in the price of flour and [2] an improvement in technology of pizza
making would affect the market price and quantity of pizza, other things remaining constant?
The price of pizza would drop and the equilibrium quantity would rise.
The price of pizza would drop but the impact on the equilibrium quantity is uncertain.
The equilibrium quantity of pizza would rise but the impact on price is uncertain.
Both the price as well as the equilibrium quantity of pizza would rise.
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