During a highly publicised international gaming tournament, a local specialised venue experiences a sudden surge in demand for its high-performance PC gaming booths, far exceeding its fixed capacity.
Explain one reason why it is rational for the venue operator to raise booth rental prices when there is excess demand.
6 exam-style questions on Edexcel A A Level Economics 1.2.1 Rational decision making. Each one has a worked solution and a mark scheme showing where the marks go.