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Prereading Quiz: Would You Pay $4,275 to See Your Favorite Singer?
Before you read “Would You Pay $4,275 to See Your Favorite Singer?,” take this five-question quiz to find out how much you already know.
Whose sold-out Eras Tour sold 2.4 million tickets at an average price of $215?
Beyoncé
the Jonas Brothers
Taylor Swift
While 2.4 million “Swifties” were able to get tickets to Taylor Swift’s Eras Tour, many young people were unable to buy tickets because of Ticketmaster glitches and high resale prices.
Prices usually rise when ____.
demand is low and supply is high
demand is low and supply is low
demand is high and supply is low
When goods or services are in high demand but short supply, whoever is selling them often raises prices. This is known as supply and demand.
Which can cause high ticket prices?
artists restricting the resale of their tickets
ticket resellers using bots to buy cheap tickets with the goal of reselling them
Ticketmaster showing the full price of tickets up front
Bots are computer programs that automatically buy tickets as soon as they become available. Ticket resellers use them to purchase hundreds of tickets in seconds with the goal of reselling those tickets for much more than they paid.
What is a monopoly?
a group or company that has complete control over a product or type of service
a place where an organized event—such as a concert—is held
a proposed law
A monopoly is a group or company that has complete control over a product or type of service. Since Ticketmaster merged with Live Nation in 2010, some people argue that it has become a monopoly. The company controls ticketing at 70 to 80 percent of major concert venues by some estimates.
The average ticket price per show for the top 100 concert tours in North America increased from $47 in 2002 to ____ in 2022.
$79
$111
$215
The average price of a concert ticket to a top North American tour more than doubled from 2002 to 2022, from $47 to $111.