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What is the effect on the equilibrium price and equilibrium quantity of theater tickets if the price of an orchestra ticket increases and the wage rate paid to actors decreases?

The equilibrium price of a theater ticket_____ and the equilibrium quantity ______.

A. always falls; increases

B. always falls; decreases

C. rises; remains the same 

D. change; does not change

E. rises, fall, or remains the same; increases.

 

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Retselisitsoe Pokothoane
Retselisitsoe PokothoaneLv10
29 Sep 2019
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Related questions

26) Consider a perfectly competitive industry with long-run external diseconomies. When demand increases permanently, the equilibrium price A) falls and the equilibrium quantity decreases. B) rises and the equilibrium quantity remains the same. C) remains constant and the equilibrium quantity increases D) rises and the equilibrium quantity increases. E) remains constant and the equilibrium quantity decreases.

When demand decreases and the (upward sloping) supply curve remains in the same position,

A. price falls and equilibrium quantity rises.

B. price rises and equilibrium quantity rises.

C. price falls and equilibrium quantity falls.

D. price rises and equilibrium quantity falls.

33) If A is an inferior good and consumer income rises, the demand for A A) decreases and the equilibrium price and the equilibrium quantity decrease. B) decreases and the equilibrium price falls but the equilibrium quantity increases. C) increases and the equilibrium price rises but the equilibrium quantity decreases. D) increases and the equilibrium price and the equilibrium quantity increase. E) decreases and the equilibrium price rises; as a result, the equilibrium quantity decreases.

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