It works in both directions. Tickets that were priced too high come down in price to find demand. The idea that a business should set inefficient prices for the good of society or something is complete nonsense.

Not if they were previously priced efficiently, as in cost plus a reasonable margin. No one will pay less because that would be at or below cost, but now some will pay more.

It never works in both directions, at least not often enough to matter. The ratchet is always upwards.