If the Short Run Elasticity of Demand for Bus Service

question 110

Multiple Choice

If the short run elasticity of demand for bus service is 1.01, we would expect the long run elasticity of demand to be:

• A)​relatively inelastic.
• B)​greater than 1.01.
• C)​equal to 1.01.
• D)​less than 1.01.

---

Definitions:

Embedded

The state of being firmly and deeply ingrained or fixed within a surrounding whole.

Lexical Approach

A method in personality psychology that proposes that key personality traits can be identified by analyzing the language people use to describe themselves and others.

Gordon Allport

An American psychologist known for his work in personality theory and for emphasizing the importance of individuality and personal growth.

Openness

A personality trait that refers to the extent to which an individual is open to experiencing a variety of activities, engaging in novel experiences, and demonstrating curiosity and creativity.