If the price elasticity of demand for opera tickets in Orlando is 1.00, then the demand for opera tickets in Orlando is
A) unit elastic.
B) elastic.
C) perfectly inelastic.
D) inelastic.
E) perfectly elastic.
A
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With real-world examples, explain the various factors that can cause a shift in the supply curve of a commodity
What will be an ideal response?
Assume that a single insurance plan applies to 2,000 low-risk people and 1,000 high-risk people opting for insurance coverage. If the average claim submitted by low-risk people is $100 while that submitted by high-risk people was $1,000 . the insurer would break even by setting a premium of:
a. $250. b. $400. c. $200. d. $500.
The most important advantages of bigness will be found in industries that show increasing returns to scale.
Answer the following statement true (T) or false (F)
To be considered scarce, an economic resource must beba I. free. II. limited. III. desirable.
a. I, II, and III b. I only c. II and III d. II only