Suppose university officials feel that the price of football tickets at your school is too expensive and decide to limit how much the athletic department can charge for a ticket to a single game.

A shortage is when the quantity demanded of a product exceeds the quantity supplied. This usually occurs when the price of the good is set below equilibrium price.

When the ticket price is limited, the profit made per game reduces. As a result, it is expected that the number of tickets offered would decline. This would lead to a shortage.

Here is the full question:

Suppose university officials felt the price of football tickets at your school are too expensive and decide to limit the price the athletic department can charge for a ticket to a single game. What will result from this decision? Select all that apply. a. The quality of facilities will decrease. b. An abundance of cheap tickets will be available online. c. A shortage of tickets will exist. d. The football team will offer more tickets to the game.

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