All the major airlines have been experiencing declining sales revenues as fares are increased. From there, it can be inferred that_________
A. The demand for air travel is perfectly inelastic
B. The demand for air travel is relatively inelastic
C. The demand for air travel is relatively price elastic
D. The demand for air travel is unitary price elastic
Answer:C
All the major airlines have been experiencing declining sales revenues as fares are increased. From there, it can be inferred that_________
A. The demand for air travel is perfectly inelastic B. The demand for air travel is relatively inelastic C. The demand for air travel is relatively price elastic D. The demand for air travel is unitary price elastic