An Average Ticket Price to a Single NY Jets Game

question 23

Multiple Choice

An average ticket price to a single NY Jets game is reduced from $65.00 to $55.00 and the number of units sold increases dramatically. The demand is considered _____.

• A) unitary
• B) inelastic
• C) appealing
• D) elastic
• E) both a and d

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Definitions:

Real Interest Rate

The interest rate, once revised for inflation, to represent the actual borrowing cost or the real savings yield.

Inflation Rate

The measure of how rapidly the general price point of goods and services escalates, which in turn diminishes the power to buy.

Consumer Price Index

A metric that calculates the mean fluctuation over time in the amounts urban consumers spend on a specified collection of consumer goods and services.

Purchasing Power

How much goods or services can be bought with one unit of money, indicating the currency's value.