Business, 29.01.2020 03:45 shyannehamilton1183

Each of the following events occurs (one at a time) in the market for air travel.

a. airfares tumble, while long distance bus fares dont change.

b. the price of jet fuel rises.

c. airlines boost the number of flights each day.

d. people expect airfares to increase next summer.

e. a severe winter in ny induces more people to vacation in florida.

f. with no snow in the rockies, fewer people travel to the ski slopes.

g. the price of train travel falls.

h. the of a pound of air cargo falls.

only one of the following statements about the market for air travel is true. which one?

1. events b, c, and h change the qty. supplied but do not change supply.

2. event c increases supply.

3. event f has no effect on demand.

4. event c decreases demand.

5. event e increases supply.

6. event a changes both demand and supply.

7. events d, e, f, and g change the qty. demanded but do not change demand and event a changes demand.

Answers: 1

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Each of the following events occurs (one at a time) in the market for air travel.

a. air...