Business, 09.02.2021 23:20 payshencec21

The ticket price for a play at a Broadway theater is $160, and the theater is full every night. The theater owner, in consultation with a local non-profit arts group, wants to make
attending the play more affordable, to open up the theater experience to patrons with more
limited budgets. The owner decides to lower the ticket price to $50. Sketch a supply-and demand graph that represents the market for these play tickets under this price-ceiling
policy. Briefly explain why this market is not in equilibrium when the price ceiling is in
effect. On your graph, clearly identify the size of the shortage or surplus this market will
experience.

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The ticket price for a play at a Broadway theater is $160, and the theater is full every night. The...

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