-In Mid-2008 Delta Increased the Price of a New York

question 233

Multiple Choice

-In mid-2008 Delta increased the price of a New York to LA ticket by 10 percent. As a result of this price hike, there was a__________ shift in the demand curve for a ticket on Continental because the price of a __________had risen.

• A) leftward; complement
• B) rightward; substitute
• C) leftward; substitute
• D) rightward; complement

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Definitions:

Repayment Period

The time frame during which a borrower is required to pay back a loan or debt.

Patent

A form of protection for intellectual property provided to an inventor for a period of 17 years.

Brand Name

A distinctive title or symbol that identifies a product and differentiates it from competitors.

Trademark

A symbol, word, or phrase legally registered or established by use as representing a company or product, protecting the brand's identity.