Exhibit 5-7 Demand curve for concert tickets
?

According to Exhibit 5-7, the demand for concert tickets between the prices of $10 and $40 is:

A. inelastic.
B. elastic.
C. unitary elastic
D. perfectly elastic.


Answer: A

Economics

You might also like to view...

What is barter? What is a double coincidence of wants? How does the existence of money affect barter?

What will be an ideal response?

Economics

Which of the following is least likely to reduce poverty?

A. Redirecting resources within the poor nation away from the military. B. Receiving foreign aid from rich donor countries. C. Raising taxes within the poor nation. D. Receiving aid from private charities or NGOs.

Economics

In traditional economic models, which of the following does NOT describe homo economicus:

A. well-informed. B. impulsive. C. cognitively sophisticated. D. narrowly self-interested.

Economics

If borrowing is precluded, then beginning at age 18, the individual will consume

Consider an individual who enters adulthood and the labor force at age 18, expects to work 5 years at a real income of $10,000 per year, anticipates earning a real income of $40,000 per year from age 23 to 63, expects to retire with a $10,000 annual pension, and live until age 78. Suppose the interest rate is zero, and the individual seeks perfectly smooth consumption across his adult lifetime. a) $10,000 each year until age 23, then about $32,000 per year afterwards b) $10,000 every year c) all of his income as he receives it each year d) $10,000 per year until age 23, then $25,000 per year afterwards e) $25,000 every year

Economics