Problem: Use this table to answer the questions that follow:
Quantity Demanded (Thousands) Price Quantity supplied (Thousands)
80 25 60
75 35 60
70 45 60
65 55 60
60 65 60
55 75 60
50 85 60
Use this table to answer the questions that follow:
If the preset ticket price is $45, would we expect to see a secondary market for tickets? Explain why or why not. Would the price of a ticket in the secondary market be higher than, the same as, or lower than the price in the primary (original) market?