Economics Multiple Choice Question – 13 August 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

If the University of Chicago increased its season American Football ticket sales from 43,000 to 48,000 when it lowered price from $350.00 to $300.00, then its demand for season tickets must be?

Select ONE answer:

  1. inelastic because total revenue increased when the price was lowered.
  2. elastic because total revenue increased when the price was lowered.
  3. inelastic because total revenue decreased when the price was lowered.
  4. elastic because total revenue decreased when the price was lowered.

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is a multiple choice question is suitable for Economics KS5 classes.

The answer is 3

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