The team increased ticket prices this year and revenues incr

The team increased ticket prices this year and revenues increase. We can conclude from this information that the ____________

Demand for team tickets is price inelastic

Demand for team tickets is price elastic

Supply of team tickets is price elastic

Supply of tream tickets is perfectly price inelastic

Solution

Demand is inelastic means quantity demand respond less with the price change. That demand decreases less than the increase in price. The team increased ticket prices, demand decreases less than that increase so the total revenue increases.

The first option is correct.