If the demand for air travel were to change so that business travelers and vacationers have the same price elasticity of demand for air travel,
A) airlines would charge the same price to each type of flyer.
B) airlines would still charge business flyers a higher fare since the traveler's employer pays anyway.
C) airlines would be driven out of business.
D) airlines would counter by charging vacationers a higher fare.
A
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The law of large numbers:
A) can be used to explain why some people are risk averse and others are risk neutral or risk loving. B) can be used to explain why some people choose to self-insure against random, single and largely unpredictable events. C) states that large amounts of information are often preferred to small amounts of information. D) states that the average outcome of a large number of similar events can often be predicted.
Most businesses in the world start as
a. sole proprietorships b. general and limited partnerships c. subchapter S corporations d. C corporations e. limited liability corporations or partnerships
As a result of the housing-market crash:
A. aggregate demand shifted to the left, and aggregate supply shifted to the right. B. both aggregate demand and aggregate supply shifted to the right. C. both aggregate demand and aggregate supply shifted to the left. D. aggregate demand shifted to the right, and aggregate supply shifted to the left.
Of the following explanations for why crime fell from 1990 to 2014, which does the Brennan Center suggest had an impact in the 1990s, but not after?
A. Longer effective sentences B. The decrease in the number of police C. Lower rates of incarceration D. CompStat usage