4. Think of ticket scalpers at a rock concert, a baseball game, & an opera. Might they exist because the tickets to these events were originally sold for less than the equilibrium price? Why or why not? In what way is a ticket scalper like & unlike your retail grocer, who buys food from a wholesaler & then sells it to you?

6. James lives in a rent-controlled apartment and has for the past few weeks been trying to get the supervisor to fix his shower. What does waiting to get one's shower fixed have to do with a rent-controlled apartment?

8. Buyers always prefer lower prices to higher prices. Do you agree or disagree with this statement? Explain your answer.

10. If the absolute price of good X is $10 and the absolute price of good Y is $14, then what is

(a)the relative price of good X in terms of good Y ?

(b)the relative price of good Y in terms of good X?