Which of the following situations results from a ticket price to a concert set below the equilibrium price?
a. A long line of people wanting to purchase tickets to the concert.
b. No line of people wanting to buy tickets to the concert.
c. Tickets available at the box office, but no line of people wanting to buy them.
d. None of the above.
Question 2
If a shortage exists in a market then:
a. the price is below equilibrium.
b. the quantity demanded exceeds the quantity supplied.
c. the price will rise in the near future.
d. all of the above.
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Write equilibrium constant expressions for the following reactions in terms of concentration:
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