Table 6-6

-Refer to the Article Summary above.Based on the difference between the face value of Super Bowl tickets and the prices being charged in the resale market, the demand at the face value of the tickets is
A)elastic.
B)inelastic.
C)unit elastic.
D)perfectly elastic.

Question

Table 6-6
 
-Refer to the Article Summary above.Based on the difference between the face value of Super Bowl tickets and the prices being charged in the resale market, the demand at the face value of the tickets is
A)elastic. 
B)inelastic. 
C)unit elastic. 
D)perfectly elastic.

Quizplus · Accepted Answer

The fact that prices in the resale market are much higher than the face value of the tickets indicates that demand is relatively inelastic, as people are willing to pay much more than the original asking price. If demand were elastic, the resale market would not be able to charge significantly higher prices, as consumers would opt for lower-priced alternatives.

Table 6-6 -Refer to the Article Summary Above.Based on the Difference Between