Economics (AS & A Level) · Oct / Nov 2022 · Paper 13 · Question 11

The final of a major sports event is held in a stadium which has a fixed capacity of 40 000 people. The price for a seat is set at P_F, but when the tickets go on sale all tickets are sold very quickly with many disappointed people unable to buy a ticket. Which diagram best represents this?

1. ADiagram A: price P_F below the intersection of downward-sloping D and vertical S at quantity 40 000
2. BDiagram B: price P_F below the intersection of downward-sloping D and vertical S at quantity 40 000
3. CDiagram C: price P_F above the intersection of downward-sloping D and upward-sloping S, with quantity 40 000 at the intersection
4. DDiagram D: price P_F below the intersection of downward-sloping D and upward-sloping S, with quantity 40 000 at the intersection

As printed in the paper