HK pop-singer Eason Chan held a series of concerts.To buy the tickets, a large crowd of people queued up outside the box offices throughout the night.Due to limited quantities,many latecomers failed to get the tickets.
a) Instead of rising the price,the producers decided to launch an additional concert.Will you expect people have to wait for a longer time or a shorter time in buying the tickets? Explain with the aid of a diagram.
F.4 econ
2007-11-29 4:46 am
回答 (1)
2007-11-29 6:31 pm
✔ 最佳答案
I would expect people have to wait SHORTER in buying the tickets.The main reason is that as the supply has increased ( launch on additional concert), the excess demand (Qd>Qs) at the original price would become smaller. Therefore, people will wait shorter in order to purchase the tickets.
Diagram: supply curve shift to the right, however, excess demand still existed below the market clearing price, but the extent of excess demand is smaller.
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