Which of the following would decrease the supply of airline travel?
A. Reduced number of airline travelers.
B. New airline companies beginning operations.
C. Higher fuel costs.
D. Lower prices for airline tickets.
Answer: C
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Real wages more accurately reflect the payment to labor because they are adjusted for the effects of inflation
a. True b. False Indicate whether the statement is true or false
A perfectly competitive firm: a. cannot choose its own price. b. can increase the price of a good in order to increase its revenue
c. can decrease the price of a good in order to increase its share in the market. d. cannot choose to produce the quantity it wants.
When someone borrows to purchase capital goods, he is using someone else's _____ to fund his _____
Fill in the blank(s) with correct word
Refer to Figure 7.1. Start from initial equilibrium. If firms increase their capital stock, the new real wage could be ________ and the new amount of labor employed could be ________
A) X; A B) Z; A C) X; C D) Z; C