Chapter Checkpoint
Study Plan Problems and Applications
Explain how each of the following events changes the demand for or supply of air travel.
Airfares tumble, while long-distance bus fares don’t change.
The price of jet fuel rises.
Airlines reduce the number of flights each day.
People expect airfares to increase next summer.
The price of train travel falls.
The price of a pound of air cargo increases.
Use the laws of demand and supply to explain whether the statements in Problems 2 and 3 are true or false. In your explanation, distinguish between ...
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