The airline industry is an example of a(n) ________ industry.
A. oligopolistic
B. perfectly competitive
C. monopolistic
D. monopolistically competitive
Answer: A
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Households receive a total income of $5 million. Of this, $3.5 million are wages received for labor services, $1 million are rental payments, and $250,000 are interest payments received
What are the costs of production and profits equal to respectively? A) $4.75 million; 0 B) $5 million; $250,000 C) $4.75 million; $250,000 D) $5 million; $500,000
All of the following will affect the position of the demand curve EXCEPT
A. prices of resources used to produce the product. B. taste and preference. C. changes in expectations of future relative prices. D. income.
Refer to the above figure. Suppose demand is D2 and then increases to D3. Economic rent after the change is
A) zero. B) area CIHF. C) area CIGO. D) area BJC.
As the price is raised along a straight-line demand curve, the demand curve becomes more elastic
a. True b. False Indicate whether the statement is true or false