Consider a competitive market for music concert tickets. Assume supply is perfectly inelastic and demand is downward sloping. An increase in tickets released will result in the following changes: Group of answer choicesIncrease in consumer surplus and decrease in producer surplusIncrease in consumer surplus and an uncertain change in producer surplusUncertain change in consumer surplus and decrease in producer surplusUncertain change in consumer surplus and increase in producer surplusNo change in producer nor consumer surplus

If price is above the equilibrium level, competition among sellers to reduce the resulting:Multiple Choicesurplus will decrease quantity demanded and increase quantity supplied.shortage will increase quantity demanded and decrease quantity supplied.shortage will decrease quantity demanded and increase quantity supplied.surplus will increase quantity demanded and decrease quantity supplied.

Increasing sales volume and market share relative to the competition may involve _____________ pricingGroup of answer choicespricing objectivessalesaggresivepenetration

Question 4If the price of a good falls while supply remains unchanged, then total producer surplus will ____________.1 pointremain unchangeddecreaseWe can’t say.increase

If the market price is above the equilibrium price:Multiple Choicea surplus will result and consumers will bid prices up.a shortage will occur and producers will produce more and lower prices.producers will make extremely high profits.a surplus will occur and producers will produce less and lower prices.

Consider a constant-cost industry that is perfectly competitive and in which the demand curve is downward sloping. Further, starting from a long run equilibrium assume that firms experience an improvement in technology that lowers average total cost but does not change marginal cost. In the long run, we would expect:Group of answer choicesConsumer surplus to increase and producer surplus to remain unchanged.Consumer surplus to decrease and producer surplus to remain unchanged.Producer surplus to increase and consumer surplus to remain unchanged.Producer surplus to decrease and consumer surplus to remain unchanged.More information is required to answer this question.