The Longer Any Price Change Lasts Over Time, the

question 24

Multiple Choice

The longer any price change lasts over time, the

• A) more difficult it is to alter quantity demanded.
• B) the more quickly quantity demanded will return to its original level.
• C) the longer the short-run equilibrium will continue to be the short-run equilibrium.
• D) more quantity demanded will change.

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Definitions:

Airline Prices

The cost of air travel tickets, influenced by factors such as fuel prices, demand, seasonality, and market competition.

Price-Inelastic

Describes a situation where the demand for a good or service changes little in response to changes in price.

Business Travelers

Individuals who travel as part of their job or business, often to attend meetings, conventions, or to conduct business with other companies.

Airline Flights

The operation of an aircraft to transport passengers or goods from one location to another.