Railway Travel May Play the Following Roles Except

question 7

Multiple Choice

Railway travel may play the following roles except:

• A) accommodation.
• B) attraction.
• C) infrastructure.
• D) transportation.

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Definitions:

Unit Elastic

A demand or supply situation where a percentage change in price results in an equal percentage change in the quantity demanded or supplied.

Revenue Inelastic

A situation where the revenue from a product does not significantly change with fluctuations in its price, indicating a low sensitivity to price changes.

Total Revenues

Total Revenues are the overall income generated by a company from selling goods or services before deducting any costs.

Unit Elastic

Unit elastic describes a situation in which the percentage change in quantity demanded is equal to the percentage change in price, resulting in no overall revenue change for the supplier.