Taylor Swift Supply and Demand Shifts
Authored by Lyzzi undefined
Business
9th - 12th Grade
Used 1+ times
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5 questions
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1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
When the Eras Tour stops in a city, what happens to the demand and price for hotel rooms?
Increase in demand
Decrease in Demand
Increase in Price
Decrease in Price
Answer explanation
Increase in demand because fans need rooms near the venue, which leads to an increase in price.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assuming Eras Tour tickets are considered normal goods, what happens to the market for Eras Tour tickets when incomes rise?
Increase in Demand
Decrease in Demand
No change to Demand
Answer explanation
Increase in demand due to more consumer income.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If fans expect the price of a blue crewneck from Taylor Swift’s official merchandise to become more expensive after the tour, what happens to the demand today?
Increase in Demand
Decrease in Demand
No Change in Demand
Answer explanation
Increase in demand due to expectations of an increase in the future price.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the government required Ticketmaster to verify that buyers owned at least 5 Taylor Swift albums before they could purchase tickets, what would happen to the market for tickets?
Increase in Demand
Decrease in Demand
No Change in Demand
Answer explanation
Decrease in demand because this would prevent many fans from trying to buy tickets.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If Taylor added a 5th Sydney Concert, what would happen to Supply?
Increase in Supply
Decrease in Supply
No Change in Supply
Answer explanation
Increase in Supply, because there are more tickets available.
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