Question: (a) Define the following terms indicated in bold in the text: (i) demand (paragraph 1) (ii) oligopoly (paragraph 3). (b) Using an appropriate demand and

(a) Define the following terms indicated in bold in the text: (i) demand (paragraph 1) (ii) oligopoly (paragraph 3). (b) Using an appropriate demand and supply diagram, explain the impact of the SARS virus on the airline industry in the Asia-Pacific region. (c) Using appropriate diagram(s), explain why the price elasticity of demand for travel by business travelers is likely to differ from that of tourists. (d) Using information from the text and supply and demand analysis, evaluate the likely future movements in ticket prices

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