Multiple Choice
Suppose there is a reduction in consumer income and an increase in the price of jet fuel, an important resource used to produce air travel. If air travel is a normal good, how will these changes influence the price and quantity of air travel?
A) The price will decrease and the quantity purchased will decrease.
B) The price will increase and the quantity purchased will be indeterminate.
C) The price will decrease and the quantity purchased will be indeterminate.
D) The price will be indeterminate and the quantity purchased will decrease.
Correct Answer:
Verified
Correct Answer:
Verified
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