If the University Chamber Music Society decides to raise ticket prices to provide more funds to finance concerts, the Society is assuming that the demand for tickets is
A)parallel to the horizontal axis.
B)shifting to the left.
C)inelastic.
D)elastic.

Question

Quizplus · Accepted Answer

The Society is assuming that the demand for tickets is inelastic, meaning that an increase in price will not lead to a proportionate decrease in quantity demanded. This assumption allows them to expect more revenue from higher prices, as the decrease in tickets sold will not offset the increase in price.

If the University Chamber Music Society Decides to Raise Ticket