Author Question: If the price elasticity of demand for airline travel is 0.52 in the short run and 1.46 in the long ... (Read 117 times)

clippers! · **on:** Jun 29, 2018

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) elastic; elastic
B) elastic; inelastic
C) inelastic; elastic
D) inelastic; inelastic

Question 2

Real GDP can be criticized as a measure of economic welfare because it

A) does not include the value of products produced in the household.
B) does not take account of the degradation of environmental quality.
C) does not include leisure time available to a society.
D) All of the above answers are correct.