Question

The existence of long lines at stores selling the Sony PS3 game console when it first came out indicates that
Select one:
a. the PS3 was priced at the market equilibrium price.
b. the price of the PS3 was below the equilibrium price
c. there's a sucker born every minute
d. the price of the PS3 was above the equilibrium price

Answer 1

ahahah what is c

Answer 2

Well if there are long lines...this means two things:
1) very high demand
2) or a shortage which means long waiting times and long lines

These both correlate to a price below the equilibrium price

Answer 3

Thank you soooo sooo sooo sooo soo soo soooo soo much <3