If When Income Increases by 2 Percent and the Price

question 501

Multiple Choice

If when income increases by 2 percent and the price does NOT change, the quantity of airplane travel demanded increases by 6 percent, then the income elasticity of demand of airplane travel is

• A) 0.33.
• B) 0.
• C) negative.
• D) 3.00.

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Definitions:

Deindividuation

A psychological state in which people lose their sense of individual identity and, as a result, feel less inhibited and more likely to behave in ways inconsistent with their normal values.

Mob Violence

Refers to aggressive and often destructive behavior performed by a large group of people, typically resulting from collective social or political unrest.

Personal Responsibility

The concept of holding oneself accountable for one's actions and accepting the consequences that come with them.

Cohesive Group

A group in which members feel bonded together, promoting mutual respect, agreement, and support for each other.