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A study found that lower airfares led some people to substitute flying for driving to their vacation destinations. This reduced the demand for car travel and led to reduced traffic fatalities, since air travel is safer per passenger mile than car travel. Using the logic suggested by that study, suggest how each of the following events would affect the number of highway fatalities in any one year. a. An increase in the price of gasoline b. A large reduction in rental rates for passenger vans c. An increase in airfares

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91706354

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