content area top Part 1 Airfares will drop to record lows this fall With a fall in the price of jet fuel, the price of an average round-trip airline ticket will slip to $244 next month, about 5% lower than the same time last year. Source: Fortune, July 27, 2015 How does a fall in the price of jet fuel change the marginal cost of producing air trips and change the equilibrium price and quantity of air trips in the short run? Question content area bottom Part 1 A fall in the price of the price of jet fuel _______ the marginal cost of producing air trips. A. minimizes B. increases C. does not change D. decreases Part 2 A fall in the price of jet fuel _______ the market price and _______ the equilibrium quantity in the short run. A. increases the supply of air trips, which lowers; increases B. increases the demand for air trips, which raises; increases C. lowers the cost of producing air trips, which lowers; decreases D. increases the demand for air trips, which raises; decreases