Asked by
Rhode Torres
on Dec 11, 2024
Verified
If air travel and bus travel are substitutes,
A) an increase in the price of bus travel will decrease the demand for air travel.
B) a decrease in the price of bus travel will decrease the demand for air travel.
C) an increase in the price of bus travel will generally have no effect on the demand for air travel.
D) an increase in the price of bus travel will shift the demand curve for air travel to the left.
Substitutes
Products or services that can be used in place of each other.
- Analyze the repercussions of complementary and substitute goods on demand levels.
Verified Answer
TR
Learning Objectives
- Analyze the repercussions of complementary and substitute goods on demand levels.