A popular musical act announces a concert at a 10,000 seat venue Prices for tickets skyrocket so the venue announces that there will be 500 standing room only tickets offered . What concept does this demonstrate? change in quantity supplied elastic supply inelastic supply change in supply

## Step 1<br />The problem presents a situation where a popular musical act announces a concert at a 10,000 seat venue. The demand for tickets is so high that the venue decides to offer an additional 500 standing room only tickets. <br /><br />## Step 2<br />This situation is an example of a change in supply. In economics, a change in supply refers to a shift in the entire supply curve, which is caused by factors other than the price of the good or service. In this case, the venue is changing the number of tickets available, which is a factor that affects the supply of tickets.<br /><br />## Step 3<br />The other options, such as change in quantity supplied, elastic supply, inelastic supply, and change in supply, do not accurately describe this situation. The change in quantity supplied refers to a movement along the supply curve due to a change in price, while elastic and inelastic supply refer to the responsiveness of supply to a change in price., on the other hand, refers to a shift in the entire supply curve due to factors other than price.