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Suppose the equilibrium price for soccer tickets in a free market results in 15,000 tickets being purchased. Major League Soccer has decided to impose a price control of $22 per ticket. At a price of $22, soccer teams would be willing to supply 25000 tickets. At this price, consumers are willing to purchase 17000 tickets. Which of the following is a result of the price control? There will be a (surplus or shortage) of tickets.

Answer :

Answer:

8,000 surplus of tickets

Explanation:

According to the given situation, the supply is more than the demand or tickets purchased.  It means that the supply is $25,000 and the demand is 17,000 at the price of $22 per ticket.

Since the supply is more than the demand, it is a surplus of tickets of 8,000 (25,000 - 17,000). We simply take the difference between the supply and the demand for soccer tickets

Hence, 8,000 tickets reflect the surplus of tickets

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