For which of the following goods and services are prices least sticky?

A. Taxi fares

B. Haircuts

C. Coin-operated laundry machines

D. Airlines tickets

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Khushboo GoyalLv5

28 Aug 2020

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Related questions

Do airlines practice price discrimination? Explain.

A. Airlines do not engage in price discrimination because their passengers have similar demands

B. Airlines engage in price discrimination by charging lower prices for tickets purchased well in advance of the flight.

C. Airlines do not engage in price discrimination because airline seats are perishable.

D. Airlines do not engage in price discrimination because they charge lower prices to passengers who will stay at their destination over a Saturday night.

E. Airlines engage in price discrimination by charging business travelers and leisure travelers at the same price.

cyanhound711

Consider the market for taxi service in Washington, DC. Use demand-supply analysis to explain the effects (i.e., increase or decrease) on the equilibrium price and quantity from the following (considers each case separately; and assumes that only one side of the market is affected.):

-Bus drives go on strike.
Equilibrium Price: Quantity:

-Bus fares increase after a strike by bus drives.
Equilibrium Price: Quantity:

-Taxi drivers must pass a competency test, and a third of all drivers fail.
Equilibrium Price: Quantity:

-Gasoline prices increase
Equilibrium Price: Quantity:

-Half of the downtown parking lots are converted to office building.
Equilibrium Price: Quantity:

-The population of the city increases.
Equilibrium Price: Quantity: