Suppose the demand for classical music concert tickets is downward sloping and the supply of classical music concert tickets is upward sloping. Lovers of classical music persuade Congress to impose a price ceiling of $40 per concert ticket. For each of the equilibrium prices listed in the following table, indicate whether a price ceiling of $40 will cause more, fewer, or the same number of people to attend classical music concerts than if there is no price control.
Result of Price Ceiling on Concert Attendance
Equilibrium Price: More - Same - Less
$30:
$40:$50:

Explanation:

A. Assuming the price of ceiling $40 and the equilibrium price is $30 is ineffective. Therefore the ceiling price is higher that equilibrium price, it will affect the same number attending the classical music concerts if no control on price.

B. Assuming the price of ceiling $40 and the equilibrium price is $40, the prices will not affect due to cost is same. So, it will cause that the same number of people will attend the classical music concerts that if no control on price.

C. Assuming the price of ceiling $40 and the equilibrium price is $50 is effective. Thus, price ceiling is below equilibrium price. It will result into that few number of people will attend the classical music concert that if no control on price.

Therefore, the price ceiling on concert attendance:-

The equilibrium price of $30 = Same

The equilibrium price of $40 = Same

The equilibrium price of $50 = Less