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The Price Elasticity of Demand for Pleasure Travel (-1

question 15

True/False

The price elasticity of demand for pleasure travel (-1.9)and business travel (-0.8)suggests that air travel for pleasure is a luxury and air travel for business is a necessity.


Definitions:

Geneva Accords

Agreements concluded in Geneva in 1954, which temporarily separated Vietnam into two zones, aiming to end hostilities in Indochina and pave the way for political negotiations.

1954

The year notable for the U.S. Supreme Court decision Brown v. Board of Education, which declared state laws establishing separate public schools for black and white students to be unconstitutional.

Democratic Republic

A form of government where the power rests in the hands of the people, who elect representatives to make decisions on their behalf.

France

A country in Western Europe known for its history, art, fashion, and cuisine, and its capital is Paris.

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