Multiple Choice
If the price elasticity of demand for airline travel is 0.52 in the short run and 1.46 in the long run, then the demand for airline travel is _______ in the short run and _______ in the long run.
A) inelastic; elastic
B) inelastic; inelastic
C) elastic; elastic
D) elastic; inelastic
Correct Answer:
Verified
Correct Answer:
Verified
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