Consider the market for air travel. A simultaneous increase in the price of fuel and another terrorist attack on United States soil would cause the equilibrium quantity of air travel to go down, but have an uncertain effect on equilibrium price
Indicate whether the statement is true or false
TRUE
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How does correlation differ from causation? Give an example of each to illustrate your answer.
What will be an ideal response?
What important changes have occurred in the composition of the labor force since 1960? Is the popular image of the American worker as a factory worker accurate? Describe the types of jobs Americans are working in today.
What will be an ideal response?
The marginal rate of substitution ____ as one moves downward along the indifference curve
a. increase b. remains constant c. decreases d. increases and then decreases
Residents of cities with a reputation for good weather, ceteris paribus,
A) pay a higher price for housing because the demand for housing is higher. B) pay a higher price for housing because the supply of housing is higher. C) pay a higher price for housing because the supply and demand for housing is higher. D) pay the same for housing as they would in cities with a reputation for bad weather.