3. Use the table below to answer the questions that follow: LO6

a. If this table reflects the supply of and demand for tickets to a particular World Cup soccer game, what is the stadium capacity?

b. If the preset ticket price is $45, would we expect to see a secondary market for tickets? Would the price of a ticket in the secondary market be higher than, the same as, or lower than the price in the primary (original)

market?

c. Suppose for some other World Cup game the quantity of tickets demanded is 20,000 lower at each ticket price than shown in the table. If the ticket price remains $45, would the event be a sellout?

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Quantity Demanded, Quantity Supplied, Thousands Thousands Price 80 $25 60 75 35 60 70 45 60 65 55 60 60 65 55 75 50 85 888 60 60 60