Question

The NFL often sets their ticket prices below the equilibrium price. The NFL is setting a ______ that will create a ______.

Question 1 options:

Price floor, shortage


Price floor, surplus


Price ceiling, shortage


Price ceiling, surplus

Answer 1

The answer is Price ceiling, shortage
Price celing will set up a certain number where the maximum price of a certain product could be sold.
By setting price ceiling, the price will appear more acceptable among buyers which caused a massive demand and will eventually lead to shortage.