Business, 01.04.2020 09:46 jcece9055

In the UK, bus journeys outside London have fallen by nearly 40% since 1980. This fall in demand has been largely due to a rise in bus fares, a rise in income and changes in the price and quality of substitutes. On some routes there are monopolies operating and this lack of competition can push up the price. (a)
Define a substitute and give an example.

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In the UK, bus journeys outside London have fallen by nearly 40% since 1980. This fall in demand has...

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