What Is Meant by Elasticity of Demand for Travel

question 9

Multiple Choice

What is meant by elasticity of demand for travel?

• A) A cut in price results in fewer people buying the trip.
• B) A cut in price results in more persons buying the trip.
• C) A cut in price means less total revenue generated.
• D) A cut in price means more revenue generated than at the higher price.
• E) A cut in price has little effect on revenue.

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Definitions:

Long-Term Borrowing

Debt obtained by a company for a period exceeding one year, typically used for financing more substantial investments or projects.