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? The price of air travel will (be) ____ and quantity purchased will (be) ____.
A) decrease; indeterminate
B) increase; indeterminate
C) decrease; decrease
D) indeterminate; decrease
Correct Answer:
Verified
Correct Answer:
Verified
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