8.NEWS WIREMARKET SHORTAGEScalpers Profiting Greatly from Pope's VisitNew York. Pope Francis' visit to New York City was a blessed event. It was also a blessed opportunity for ticket scalpers. 93,000 New Yorkers applied for tickets to watch the Pope's procession through Central Park. But church officials had only 40,000 tickets to distribute, which they did by lottery - for free. That left 53,000 New Yorkers without tickets. It was a scalper's heaven. Sinful resellers immediately started hawking tickets online. The free tickets were simply mailed in a PDF to lottery winners, with no ID required, making them easy to resell. Scalped tickets sold for as much as $3,000 a pair. Although church officials urged scalpers to repent, the opportunity for profit was irresistible.Source: News accounts, September 2015

According to the News Wire,

a. How large was the market shortage at the Church-set price of $0?tickets

b. If the Church had sold the tickets for $100, how would have quantity demanded changed? Quantity demanded would have likely

c. If the Church sold the tickets for $100, would the market shortage have been larger or smaller? The market shortage would have likely been

d. If the Church sold the tickets for the equilibrium price, would a market shortage exist?

7.Using the figure as a guide, answer the following questions.

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