Multiple Choice
If University of Nebraska increased its season football ticket sales from 43,000 to 47,000 when it lowered price from $350.00 to $300.00, then its demand for season tickets must be ________ because total revenue ________ when the price was lowered.
A) elastic; decreased
B) elastic; increased
C) inelastic; decreased
D) inelastic; increased
Correct Answer:
Verified
Correct Answer:
Verified
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