Exhibit 5-6 Demand curve for concert tickets

-In Exhibit 5-6, the demand curve for concert tickets shown above is classified as:
A) inelastic.
B) elastic.
C) unitary elastic.
D) cross elastic.

Question

Exhibit 5-6 Demand curve for concert tickets
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-In Exhibit 5-6, the demand curve for concert tickets shown above is classified as:
A) inelastic. 
B) elastic. 
C) unitary elastic. 
D) cross elastic.

Quizplus · Accepted Answer

The demand curve for concert tickets shown in Exhibit 5-6 is relatively flat, indicating that the demand for these tickets is elastic. This means that consumers are very sensitive to changes in price, and a small increase in price could lead to a significant decrease in demand for concert tickets.

Exhibit 5-6 Demand Curve for Concert Tickets