who does supply and Demond set prices for experiences: such as movies, and concerts, and why are movie tickets the same price while concerts etc are different prices?
In: 2
The SELLER sets the price they think they can get for a good. The BUYER affirms or rejects the set price.
In your example, a ticket to a concert. Say it’s a small concert venue and they only have 500 seats. clearly the seats up front will be more expensive than those in back. If it’s a concert for “Cletus and the Local Yokels” – maybe the seller prices up front tickets at $25 and back row at $5. If the draw for the Cletus show is low, as you get closer and closer to the actual date of the concert, the seller will lower ticket prices to sell more.
Conversely, in the same room, say you get “A night with Ed Sheeran” – those 500 tickets are going to sell before the end of the hour. The seller knows that to get the most profit, they’ll sell front row tickets starting at $1000 and backrow for $750.
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