Business, 25.09.2021 04:50 destinymitchell966
Consider the following statement: “An increase in the cost of oil will cause the price of a plane ticket to increase. This increase
in price will cause a decrease in demand for airline travel and a leftward shift in the demand curve."
What is the flaw of this reasoning?
O A decrease in demand will shift the curve rightward, not leftward.
O The increase in the cost of oil will cause a decrease in the price of a plane ticket.
O The cost of oil affects supply and not demand so prices of tickets will remain the same.
O An increase in the sice of a ticket will not cause a decrease in demand, but rather a decrease in quantity demanded.
Answers: 2
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Consider the following statement: “An increase in the cost of oil will cause the price of a plane ti...
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