Rising jet fuel prices recently led most major U.S airlines to raise fares by approximately 15 percent. Tell me why this substantial increase in airfares would affect the folowing
A. The demand for air travel.
B. The demand for hotels
As per csun.edu, "Demand is the relationship between the price of a good and the quantity of the good that consumers are willing and able to buy." Factors affecting demand are:
?Income and wealth
? prices of substitutes and ...
Response explains impact of rising jet fuel prices on demand