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
Q124: Producers' total revenue will decrease if
A) income
Q125: At a local ice cream parlor, when
Q126: If Sam wants to increase her total
Q127: To maximize its revenue
A) a firm facing
Q128: If demand is inelastic, an increase in
Q130: When demand is _, a decrease in
Q131: A local transit authority charges $1 for
Q132: According to the total revenue test, a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents