Akna is buying concert tickets at the last minute. The value of her elasticity of demand is most likely to be:
A) less than 1.
B) equal to 1.
C) greater than 1.
D) equal to 0.

Question

Quizplus · Accepted Answer

When buying concert tickets at the last minute, Akna's demand is likely inelastic, meaning her demand is less responsive to price changes, so the elasticity of demand is less than 1.

Akna Is Buying Concert Tickets at the Last Minute