When a Public Transit System (Such as a Subway or Bus

question 37

Multiple Choice

When a public transit system (such as a subway or bus line) raises its fares, it may experience an increase in total revenue.This suggests that demand is:

• A) unstable.
• B) price inelastic.
• C) price elastic.
• D) unit price elastic.

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Definitions:

Percent

A part or other object per hundred, used in mathematics to describe how one quantity relates to another in terms of proportion or fraction.

Accurate

Definition: Precisely correct or exact in details.

Cent

The smallest denomination of currency in many countries, representing 1/100th of the basic unit of currency.

Significant Figures

The number of digits in a value that contribute to its accuracy, typically used in scientific measurements.