Final answer:
The correct statement about ticket scalping is B) Ticket scalping involves selling tickets above their face value. Ticket scalping is not legal in all jurisdictions and is not only an issue for sports events but also for concerts and theater events. It is not a practice endorsed by event organizers.
Step-by-step explanation:
The correct statement about ticket scalping is that B) Ticket scalping involves selling tickets above their face value. Ticket scalping is the act of reselling tickets for admission to events, such as concerts, sports events, or theaters, at a price higher than the original face value. The legality of this practice varies by jurisdiction, meaning it is not legal in all places and is subject to specific laws and regulations.
While the demand for tickets to events featuring bands with fanatical followings can be inelastic, meaning fans are willing to pay a high price regardless of the quantity available, this does not make the practice of scalping endorsed or legal.
Different bands may have various approaches to pricing, some may choose to sell at a price lower than what the market could potentially bear, aiming to maintain a positive relationship with their fans encouraging them to spend more on other merchandise. Scalping is not a practice that is solely associated with sports events; it can be applicable to any popular event where tickets are in high demand and supply is limited.
Some event organizers and performers actively discourage ticket scalping and take measures to prevent it, such as using personalized tickets that are non-transferable.