Teryn booked a flight to Boston for her little sister's wedding.When she boarded the plane,she found out that Frugal Fred,in the seat beside her,paid $100 less for his ticket.Teryn paid a higher price for her flight since she is more

Question

Quizplus · Accepted Answer

Teryn is likely price-inelastic because attending her little sister's wedding is a special event that she would not want to miss, regardless of the ticket cost. Therefore, she would be willing to pay a higher price for her flight. Frugal Fred, on the other hand, may be more price-elastic and more focused on finding a cheaper ticket.

Teryn Booked a Flight to Boston for Her Little Sister's