Question 5:

In January 2023, the US Senate asked the Department of Justice to investigate possible monopoly power exercised by Ticketmaster - one of the largest sellers of tickets to concerts, sporting events and other entertainment services in the world. The US Senators have claimed that Ticketmaster is harming both consumers and artists as a result of its practices. Source: TJRadio, See link: https://www.ks95.com/senators-call-upon-department-of-justice-to-investigate-ticketmaster-for-its- alleged-monopoly-power/

If event tickets were being provided by a perfectly competitive industry would the price and the quantity of tickets in the market be higher or lower compared to monopoly? Provide a detailed answer. Use a diagram to support your answer. (5 marks) Include at least four (4) authored and scholarly/reliable references for your assignment. E.g. Do not use "Wikipedia" as it is not a reliable source as anyone can contribute to or change its information.

draw diagram