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Sellers set prices of some items such as tickets in ad- vance of the event. These items are sold in the primary market that involves the original seller and buyers. If preset prices turn out to be below the equilibrium prices, shortages occur and scalping in legal or illegal secondary markets arises. The prices in the secondary market then rise above the preset prices. In contrast, surpluses occur when the preset prices happen to exceed the equilibrium prices.

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9499719

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