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10 May, 12:29

Holding all other things constant, a higher price for ski lift tickets would a) increase the number of skiers. b) increase the price of skis. c) decrease the number of skis sold. d) decrease the demand

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  1. 10 May, 13:26
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    The answer is C. decrease the number of skis sold

    Explanation:

    This satisfies the popular law of demand which states that other things being equal, the higher the price the lower the quantity demanded and vice-versa.

    Ski lift is a normal good which also satisfies the law of demand. The elasticity of demand is elastic meaning 1% increase in price will lead to a significant decrease in quantity demanded.
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