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A city decides to increase roadway supply in order to cope with increasing demand and congestion. The reduced travel times and costs stimulate new demand
A city decides to increase roadway supply in order to cope with increasing demand and congestion. The reduced travel times and costs stimulate new demand for travel, resulting in congestion. Which phenomenon has occurred? Group of answer choices Induced demand Latent demand Derived demand Reduced demand
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Economics
Authors: R. Glenn Hubbard
6th edition
978-0134797731, 134797736, 978-0134106243
