1)Suppose that the Board of Directors of the local symphony proposes that the admission price to hear the orchestra be raised as a means of raising additional funds to support music programs. Its members are implicitly assuming that the price elasticity of demand for a ticket is:

Unit-Elastic

it really says nothing about price elasticity

Inelastic

Elastic

2)If the demand for a good is inelastic, then it is:

a necessity

a luxury

there is not enough information to be able to determine what type of good food is

not readily abundant

an inferior good

3)In the immediate market period, elasticity of supply is:

Group of answer choices

None of the other answers

Unit-Elastic

Inelastic

Elastic