Tickets for the 2019 MLS Cup final between Seattle and Toronto went on sale on November 1 and sold out in just 20 minutes. The average resale price for tickets through SeatGeek, the official ticketing partner of Major League Soccer, was $569 just 2 days before the game, considerably higher than the average face-value price of tickets for the event. Sixty-nine thousand fans were expected to attend the game, making this the second-largest MLS Cup crowd in history.
Source: "Sold-out 2019 MLS Cup is the hottest ticket in recent MLS history," mlssoccer.com, November 10, 2019.
-Refer to the Article Summary. If Major League Soccer had increased the face-value ticket prices for the MLS Cup final to the prices being charged by resellers and its total revenue from ticket sales increased, it would have been operating on the ________ portion of the demand curve.
A) elastic.
B) inelastic.
C) unit elastic.
D) perfectly elastic.

Question

Quizplus · Accepted Answer

If Major League Soccer increased ticket prices and total revenue from ticket sales increased, it indicates that the demand for tickets was inelastic. In an inelastic demand scenario, price increases do not lead to a proportionate decrease in quantity demanded, allowing total revenue to increase.

Tickets for the 2019 MLS Cup Final Between Seattle and Toronto