Multiple Choice
When the manager of a local movie theater raises the price of movie tickets from $7.50 to $8.50 total revenue falls.This means that:
A) the demand for movie tickets is highly elastic.
B) the supply of movie ticket is perfectly elastic.
C) the supply of movie tickets is elastic.
D) the demand for movie tickets is inelastic.
E) the supply of movie tickets is inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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