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  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, which indicates that a small change in price will have a significant impact on the quantity demanded. This suggests that the demand for concert tickets is elastic, as consumers are likely to be very price-sensitive when it comes to purchasing tickets for a concert.

Exhibit 5-6 Demand Curve for Concert Tickets in Exhibit 5-6