Demand Schedule for Ski Tickets

question 42

Multiple Choice

Demand Schedule for Ski Tickets
TABLE 4-2
-Refer to Table 4-2.Using the data provided to plot the demand curve for ski tickets results in a ________ demand curve.Price elasticity along this demand curve is therefore ________ as price is falling.

• A)horizontal; constant at a value of 8
• B)vertical; constant at a value of 0
• C)rectangular hyperbola; constant at a value of 1
• D)downward sloping and linear; continuously increasing
• E)downward sloping and linear; continuously decreasing

---

Definitions:

Industry Supply Curve

The industry supply curve represents the total quantity of goods that producers in a market are willing and able to sell at different prices, assuming all other factors constant.

Output

The cumulative production of goods or services by a corporation, industry, or the entire economy.

Supply Curve

A graph showing the relationship between the price of a good and the amount of the good that suppliers are willing to sell at that price.

Market Demand

The total amount of a product or service that all consumers in a market are willing and able to purchase at various prices.