11. The bus fare charged by the local bus company is 30% higher during the morning rush hour than during the early afternoon. One possible explanation is that the demand for bus rides during the morning rush hour tends to be _____; but during the early afternoon the demand is _____: a) Unit elastic; inelastic b) More elastic; less elastic c) Perfectly inelastic; relatively inelastic d) Less elastic; more elastic
11. The bus fare charged by the local bus company is 30% higher during the morning rush hour than during the early afternoon. One possible explanation is that the demand for bus rides during the morning rush hour tends to be _____; but during the early afternoon the demand is _____: a) Unit elastic; inelastic b) More elastic; less elastic c) Perfectly inelastic; relatively inelastic d) Less elastic; more elastic
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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11. The bus fare charged by the local bus company is 30% higher during the morning rush hour than during the early afternoon. One possible explanation is that the demand for bus rides during the morning rush hour tends to be _____; but during the early afternoon the demand is _____:
a) Unit elastic; inelastic
b) More elastic; less elastic
c) Perfectly inelastic; relatively inelastic
d) Less elastic; more elastic
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