The demand for luxury suites at basketball games is more elastic if
A) these suites are a necessity.
B) these suites are a luxury item.
C) few close substitutes exist for these suites.
D) basketball fans have little time to look for alternative suites.
E) poorer fans cannot afford luxury suites.
B
You might also like to view...
When households choose to hold money as a store of value, rather than holding assets such as certificates of deposit, stocks, and bonds, ________ demand for money results
A) liquidity B) asset C) transactions D) precautionary
What is meant by the term "human capital"?
What will be an ideal response?
Which of the following are policy tools used by the Federal Reserve? i. the federal personal income tax ii. open market operations iii. changing the required reserve ratio
A) i only B) ii only C) iii only D) ii and iii E) i, ii, and iii
Identify the six basic requirements that economists generally agree must exist for a successful transition from socialism to a market-based system
What will be an ideal response?