Other things remaining equal, a decrease in the world oil supply like those that occurred in 1973-74 and 1979 would
Part 2
A.
decrease the price of airline travel and increase its equilibrium quantity.
B.
increase the price of airline travel and increase its equilibrium quantity.
C.
decrease the price of airline travel and decrease its equilibrium quantity.
D.
increase the price of airline travel and decrease its equilibrium quantity.
1 answer
D. increase the price of airline travel and decrease its equilibrium quantity.