In: Economics
A) The price of ticket was too high and created a surplus in the market
B) The price of ticket was too low and created a shortage in the market
C) Price floor is a government control price of how low a good can be charged. It is set above the market clearing price. There are two extreme forms of price floors: floor of 0 and floor of infinity
A price floor of 0 means a good cannot be given away for free and something must be charged to it
A price floor of infinity means the government wishes to make any price increase illegal and does not allow price to increase over its market clearing price
Thus, in the same way, in case of scalping being illegal, it means the price floor is infinity here
D) The seller can say that the ticket is a limited edition ticket purchased by a celebrity for the show, but has to be sold because the individual cannot attend the show due to personal emergency. This will make the ticket attractive to the buyer and he would be willing to pay a higher price for it