Multiple Choice
Exhibit 5-7 Demand curve for concert tickets
In Exhibit 5-7, if promoters raise their prices from $10 to $40 per ticket, then their total revenue will:
A) increase because demand is inelastic in this price range.
B) increase because demand is elastic in this price range.
C) decrease because demand is inelastic in this price range.
D) decrease because demand is elastic in this price range.
Correct Answer:
Verified
Correct Answer:
Verified
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