Asked by Kanidra Stringer on May 19, 2024

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If the market for tickets to the World Series is in equilibrium but owners of tickets who would have sold their tickets are not allowed to sell,while fans who would not sell their tickets are required to sell,total surplus would decrease.

World Series

The annual championship series of Major League Baseball in North America, contested since 1903 between the American League and National League champions.

  • Comprehend the impact of market equilibrium on efficiency and overall surplus.
  • Understand the impact of government interventions on market efficiency and surplus.
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AH
Ashley HowardMay 24, 2024
Final Answer :
True
Explanation :
When owners of tickets are not allowed to sell their tickets, it decreases the supply of tickets in the market, causing an increase in the equilibrium price. On the other hand, when fans who would not sell their tickets are required to sell, it increases the supply of tickets in the market, causing a decrease in the equilibrium price. This will lead to a decreased total surplus as the quantity of tickets being exchanged will be lower than in the original equilibrium.