Article Summary
Just days before the 2015 Super Bowl was played in Glendale,Arizona,the average price of a ticket on the secondary resale market was $10,352,more than three times the average price for the 2014 game.People who were able to purchase tickets at face value directly from the NFL paid prices ranging from $800 to $1,900 per ticket.The day before the game,ticket broker StubHub listed its least expensive seat at $8,049,while the most expensive seat was priced at more than $65,000.
-Refer to the Article Summary.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

Quizplus · Accepted Answer

The demand at the face value of the tickets is inelastic because the significant price increase in the resale market indicates that consumers are willing to pay much higher prices than the face value, showing that demand does not decrease significantly with price increases.

Article Summary Just Days Before the 2015 Super Bowl Was Played in Played