The double coincidence of wants is that each party to an exchange must want precisely what the other has to offer
Indicate whether the statement is true or false
T
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If an airline company has several empty seats on a flight and the full price of an air ticket is $500 and the marginal cost per passenger is $100, then it will be profitable for the airline to
A. charge a stand-by passenger no less than the full fare of $500. B. charge a stand-by passenger less than $100. C. charge a stand-by passenger more than $500. D. charge a stand-by passenger more than $100. E. fill the seats at the last minute for any price.
If we compare common and civil law, we find that:
a. Common law places more emphasis on private property rights b. Common law is less rigid c. Common law can adapt to new circumstances better d. a, b, and c are correct e. None of the above
Which of the following statements is characteristic of utilitarianism?
a. An extra dollar of income provides higher marginal utility to a poor person than to a rich person. b. Social policies should be created behind a "veil of ignorance." c. Society should strive to maximize the utility of its wealthiest member. d. Equality of opportunity is more important than equality of incomes.
Easy entry of new firms is not a characteristic for ________ industries.
A. oligopolistic and monopolistic B. monopolistic and perfectly competitive C. monopolistically competitive and oligopolistic D. perfectly competitive and monopolistically competitive