The price elasticity of demand for airplane travel one year in advance of the departure date is most likely to be
A)equal to infinity.
B)equal to zero.
C)between zero and 1.
D)equal to 1.
E)greater than 1.

Question

Quizplus · Accepted Answer

The price elasticity of demand for airplane travel one year in advance is likely to be greater than 1 because consumers have more time to adjust their plans and find alternatives, making demand more elastic.

The Price Elasticity of Demand for Airplane Travel One Year