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A movie theater charges ticket prices of $4
A movie theater charges ticket prices of $4.50 during weekday afternoon matinee hours and $8.50 during evening and weekend hours. Economists explain the ticket price difference by the fact that the demand for movie tickets during the weekday afternoon matinee hours is what, but during the evening and weekend hours it is what?
Expert Solution
See the corrected sentence below.
"Economists explain the ticket price difference by the fact that the demand for movie tickets during the weekday afternoon matinee hours is lower, but during the evening and weekend hours it is higher."
- This is because, the lower the demand for a good or service, the lower the price charged according to the Market Equilibrium theory.
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