A 2016 survey by Opinion Way for kayak.co.uk found that the use of travel agents has changed

Question:

A 2016 survey by Opinion Way for kayak.co.uk found that the use of travel agents has changed dramatically over the past 10 years in the United Kingdom (Sullivan, 2016). While 57\% of respondents indicated that they booked through a travel agency a decade ago, only \(19 \%\) do so today. Instead, \(79 \%\) of respondents are booking their trips online today (up from \(35 \%\) a decade ago). Technology and new business models have significantly reduced the cost of doing it oneself, and many travel agencies are going out of business. Use diagrams of a competitive market for travel services and of a representative travel agency providing those services to explain what happened in the market for travel services, assuming there is no change in the demand for travel services.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Microeconomics

ISBN: 9781292215624

8th Global Edition

Authors: Jeffrey Perloff

Question Posted: