If in the Short Run the Demand for Mass Transit

question 215

Multiple Choice

If in the short run the demand for mass transit is inelastic and in the long run the demand is elastic, then a price

• A)increase will decrease total revenue in the short run but increase total revenue in the long run.
• B)increase will increase total revenue in the short run but decrease total revenue in the long run.
• C)decrease will increase total revenue in the short run but decrease total revenue in the long run.
• D)decrease will decrease total revenue in the short run and decrease total revenue in the long run.

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Definitions:

Homophily

The tendency of individuals to associate and bond with similar others, which can influence personal relationships, social networks, and information spread.

Group Size

A term referring to the number of individuals forming a social group, which can influence the group's dynamics, communication, and efficiency.

Leadership Position

A role or designation that entails guiding, influencing, or directing others towards the achievement of predefined objectives or goals.

Misery Loves Miserable Company

A common saying highlighting how people experiencing sadness or misery often find solace in others who are also unhappy.