Asked by
Brian Klesch
on Nov 04, 2024
Verified
Refer to Figure 5.1. The demand for tickets is
A) perfectly price elastic.
B) perfectly price inelastic.
C) unit price elastic.
D) perfectly income inelastic.
Perfectly Price Elastic
A market situation in which demand or supply responds infinitely to changes in price, meaning any tiny price change results in an infinite quantity demanded or supplied.
Demand
The quantity of a good or service consumers are willing and able to purchase at various prices during a given period.
Tickets
Documents or electronic vouchers that grant the holder the right to admission to an event, transport service, or the like.
- Familiarize oneself with the concept and aftermath of perfectly inelastic and perfectly elastic demand.
Verified Answer
KK
Learning Objectives
- Familiarize oneself with the concept and aftermath of perfectly inelastic and perfectly elastic demand.