The Price Elasticity of Demand for a Popular Sporting Event

question 367

Multiple Choice

The price elasticity of demand for a popular sporting event is 1.2. If the price of a ticket to this event increases by 10 percent, the quantity of tickets demanded will

• A)decrease by 8.3 percent.
• B)decrease by 12 percent.
• C)increase by 12 percent.
• D)increase by 8.3 percent.

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Definitions:

Management Decisions

Actions or resolutions made by the management team of an organization regarding its operation, strategy, and the welfare of its employees.

General Unionism

A labor union strategy that seeks to represent workers from a broad range of industries rather than focusing on a specific occupation or sector.

Craft Unionism

A type of labor union organizing strategy focusing on workers who practice a specific trade or craft, aiming to protect their interests and maintain high standards in their profession.

Industrial Unionism

A labor movement strategy where all workers in the same industry are organized into the same union, regardless of their specific trade or profession.