4. In 1997, the federal government reinstated a 10 percent excise tax on airline tickets. The industry tried to pass on the full 10 percent ticket tax to consumers but was able to boost fares by only 4 percent. From this you can conclude that the: Demand for airline tickets is perfectly inelastic. Supply elasticity of airline tickets is less than infinity. Demand elasticity for airline tickets is greater than zero in absolute value. Supply of airline tickets is perfectly inelastic.

4. In 1997, the federal government reinstated a 10 percent excise tax on airline tickets. The industry tried to pass on the full 10 percent ticket tax to consumers but was able to boost fares by only 4 percent. From this you can conclude that the:
Demand for airline tickets is perfectly inelastic.
Supply elasticity of airline tickets is less than infinity.
Demand elasticity for airline tickets is greater than zero in absolute value.
Supply of airline tickets is perfectly inelastic.

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