You purchased a ticket to the musical Hamilton through a verified reseller for $457.00. When your ticket arrives, you see that the face value printed on it is $259.00.
Which of the following is correct?
a. The rate in the secondary market is below the equilibrium price because it falls below the face value.
b. The rate in the secondary market is above the equilibrium price because it exceeds the face value.
c. The face value is above the equilibrium price because the rate in the secondary market is below the face value.
d. The face value is below the equilibrium price because the rate in the secondary market exceeds the face value.
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