If the Demand for Horse Race Tickets Is Inelastic,then as the Price

question 20

Multiple Choice

If the demand for horse race tickets is inelastic,then as the price of horse race tickets increases,quantity demanded of horse race tickets will ________ and total revenue will ________.

• A)decrease significantly;increase
• B)decrease slightly;increase
• C)increase slightly;decrease
• D)increase significantly;decrease

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Definitions:

Manufacturers

Entities or individuals involved in the production of goods using labor, machinery, tools, and chemical or biological processing or formulation.

Retailers

Businesses or individuals that sell goods directly to consumers for personal, non-business use.

Retail Situation

Describes the current state and dynamics of the retail market, including trends, challenges, and opportunities for retail businesses.

Location

A specific place or position, often considered in the context of business as a strategic factor in success.