The price elasticity of demand for a popular sporting event is -2. If the price of a ticket to this event increases by 10%, the quantity of tickets demanded will decrease by
A. 20%.
B. 0.2%.
C. 5%.
D. 10%.
Answer: A
Economics
You might also like to view...
Which of the following compete to determine whether the current account improves or worsens following a rise in the real exchange rate?
A) appreciation and depreciation B) crowding Out effect and producers effect C) volume effect and value effect D) volume effect and inflation E) producers effect and value effect
Economics
Only long-run changes in output can be brought about by unexpected change in policy
a. True b. False Indicate whether the statement is true or false
Economics
The long-run output of an economy depends on: (school)
What will be an ideal response?
Economics
From Table 2.3, at the price of $3, there is a 
A. shortage of 2. B. shortage of 4. C. neither a shortage nor a surplus. D. surplus of 4.
Economics