If New York City Expects That an Increase in Bus

question 138

Multiple Choice

If New York City expects that an increase in bus fares will raise mass transit revenues, it must think that the demand for bus travel is:

• A) elastic.
• B) unit elastic.
• C) inelastic.
• D) perfectly inelastic.
• E) 10.

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Definitions:

Rule Of Law

The principle that all individuals, institutions, and entities are accountable to laws that are publicly promulgated, equally enforced, and independently adjudicated.

Pluralistic Ignorance

A psychological state where individuals mistakenly believe their thoughts, feelings, or behaviors are different from those of the group.

Emergency Situation

A sudden, urgent, usually unexpected occurrence or condition that requires immediate action.

Tendency Toward Conformity

The inclination or predisposition of individuals to align their attitudes, beliefs, and behaviors with those of a group.