Final answer:
The correct answer is C. more or less, meaning that the cost of the flight was approximately what was expected. In economic terms, a 47% decrease in jet fuel prices could lead to a decrease in equilibrium price and an increase in equilibrium quantity of air travel.
Step-by-step explanation:
The correct answer is C. more or less.
The complete sentence would read: The flight to London was more or less expensive than I thought.
More or less is an English idiom meaning 'approximately' or 'close to', and it is used when the exact details are not critical or are unknown. In this context, it suggests that the cost of the flight was around what was expected, neither much cheaper nor much more expensive.
Regarding the market for air travel and the impact of jet fuel prices: As jet fuel costs represent a significant expense for airlines, a 47% decrease in fuel prices could lower operational costs for airlines. According to basic economic principles, if suppliers' costs decrease, they might reduce prices to stay competitive, possibly leading to a decrease in the equilibrium price of air travel. Meanwhile, at a lower price, demand for air travel might increase, leading to a higher equilibrium quantity. This follows the four-step analysis of economic impact: identify the change, determine the effect on supply or demand, find the new equilibrium point, and analyze the after-effects on price and quantity.