Refer to the information provided in Figure 5.1 below to answer the question(s) that follow. Figure 5.1
-Refer to Figure 5.1. The demand for tickets is
A) perfectly price elastic.
B) perfectly price inelastic.
C) unit price elastic.
D) perfectly income inelastic.

Question

Refer to the information provided in Figure 5.1 below to answer the question(s) that follow.  Figure 5.1
-Refer to Figure 5.1. The demand for tickets is
A) perfectly price elastic. 
B) perfectly price inelastic. 
C) unit price elastic. 
D) perfectly income inelastic.

Quizplus · Accepted Answer

Perfectly price inelastic demand means that the quantity demanded does not change as the price changes. This is typically represented by a vertical demand curve, indicating that consumers will buy the same amount regardless of the price.

Refer to the Information Provided in Figure 5