Business, 20.02.2020 22:20 delanorpalmer24

The athletics department at your university currently sells 50,000 tickets to football games at an equilibrium price of $40 each. The university administration has asked that the athletic department not sell any tickets below $30. At a price of $30, the athletic department is willing to sell 20,000 tickets, but consumers are willing to purchase 80,000 tickets. Which of the following is a result of the new price floor?

A. a surplus of 30,000 tickets
B. a shortage of 30,000 tickets
C. a surplus of 60,000 tickets
D. a shortage of 60,000 tickets
E. The price floor isn’t binding.

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