Asked by Adrian Rogalski on Jul 14, 2024
Verified
Movie theaters charge lower prices to see a movie in the afternoon than in the evening because there is an
A) inelastic supply of movies in the evening.
B) elastic demand to see movies in the evening.
C) elastic demand to see movies in the afternoon.
D) inelastic demand to see movies in the afternoon.
Elastic Demand
describes a market situation where the demand for a product significantly changes in response to changes in its price.
Inelastic Demand
A situation where the quantity demanded of a good or service changes little when its price changes.
Movie Theaters
Venues specifically designed for the exhibition of films to the public, where viewers watch movies on large screens.
- Learn about the concept of price elasticity and its significance in demand and supply.
- Understand the significance of time in determining price elasticity.
Verified Answer
LS
Ledjine SadiraJul 15, 2024
Final Answer :
C
Explanation :
The demand to see movies in the afternoon is more elastic because consumers are more sensitive to price changes during this time, likely due to alternative ways they could spend their time. Lower prices are used to attract more viewers when demand is more price-sensitive.
Learning Objectives
- Learn about the concept of price elasticity and its significance in demand and supply.
- Understand the significance of time in determining price elasticity.
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