Suppose that a group of die-hard opera fans are upset about the high price of tickets to many events. Thanks to their lobbying efforts, a new law caps the maximum ticket price to any event at $50. Assume that the price of tickets before the price ceiling is at equilibrium and that the equilibrium price is above the price ceiling of $50. The price ceiling will of tickets. As a result, people will attend events, because the number of seats in a venue is fixed and performers have no incentive under a price ceiling to restrict the number of tickets sold. Because of the price ceiling, events for which demand is more will experience larger shortages