In the market for air travel, which of the following variables would decrease demand,ceteris paribus? A An increase in rental rates for hired cars, a substitute B A rise in income of tourists C A rise in the price of air travel D A rise in the price of hotel accommodation, a complement E A drop in the price of air travel
In the market for air travel, which of the following variables would decrease demand,ceteris paribus? A An increase in rental rates for hired cars, a substitute B A rise in income of tourists C A rise in the price of air travel D A rise in the price of hotel accommodation, a complement E A drop in the price of air travel
Chapter3: Market Demand And Supply
Section: Chapter Questions
Problem 1SQ
Related questions
Question
In the market for air travel, which of the following variables would decrease
A An increase in rental rates for hired cars, a substitute
B A rise in income of tourists
C A rise in the
D A rise in the price of hotel accommodation, a complement
E A drop in the price of air travel
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning