Taylor Swift and the Economics of Concert Tickets

What is the core economic issue demonstrated when more people wanted Taylor Swift concert tickets than were able to obtain them?

• Scarcity

• Monopoly

• Invisible Hand

• Equilibrium

According to the video, what is the role of the invisible hand in guiding the market?

• Controlling ticket prices

• Determining ticket supply

• Deciding which consumers get tickets

• Promoting Taylor Swift's concerts

What caused the incredible increase in demand for Taylor Swift concert tickets?

• Taylor Swift's popularity

• Ticketmaster's marketing strategy

• Lack of concerts during the COVID-19 pandemic

• High ticket prices

According to the video, which of the 5 demand shifters were at play in the case of Taylor Swift concert tickets?

• Desires/tastes

• Buyers

• Price of substitutes

• Price of complements

What is dynamic pricing based on?

• Ticketmaster's profit margin

• Ticket supply

• Ticket demand

• Ticketmaster's reputation

Does Ticketmaster's Dynamic Pricing plan seem like a good one?

• Yes, it ensures fair prices for consumers

• Yes, it maximizes Ticketmaster's profits

• No, it leads to ticket shortages

• No, it results in high ticket prices

Why do you think Taylor Swift did not want to use Dynamic Pricing?

• She wanted to keep ticket prices steady for her fans

• She wanted to maximize her own profits

• She didn't trust Ticketmaster's pricing system

• She wanted to create a ticket shortage

What would happen in the ticket market if re-sellers like Stubhub didn't exist?

• Ticket prices would decrease

• Ticket prices would increase

• There would be constant shortages of tickets

• There would be excess supply of tickets

Why did raising ticket prices not seem to decrease demand very much?

• Consumers had high incomes

• Consumers were willing to pay any price

• Ticket prices were highly elastic

• Ticket prices were highly inelastic

Which of the following products is likely to be highly elastic?

• Greeting Cards

• Pizza

• Skincare Products

• Jeans