Asked by
Kortni Combs
on Oct 26, 2024
Verified
If demand _____ and the University of Michigan increases the price of football tickets,revenues will increase.
A) is price-inelastic
B) is price-elastic
C) has price elasticity equal to 1
D) is perfectly price-elastic
Price-inelastic
Price-inelastic describes a situation where the demand for a good or service is relatively unaffected by changes in its price, indicating that consumers continue to purchase it even if the price increases.
University of Michigan
A public research university located in Ann Arbor, Michigan, known for its rigorous academic programs and significant contributions to research.
- Ascertain the connection between price sensitivity of demand and cumulative revenue.
- Recognize the economic implications of price elasticity for businesses and consumers.
Verified Answer
VV
Learning Objectives
- Ascertain the connection between price sensitivity of demand and cumulative revenue.
- Recognize the economic implications of price elasticity for businesses and consumers.