NetJets, which is the first time-share program for aircraft, cuts transaction costs by:
a. providing economic service to its passengers.
b. being responsible for crews, maintenance, and compliance with Federal regulation.
c. reducing the time taken for traveling between destinations.
d. allowing owners to transfer their shares, change the size of their shares, and purchase shares of other planes.
B
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Describe the changes in the variables that will cause supply for a product to decrease, shifting the supply curve up and to the left
What will be an ideal response?
If smartwatches are considered substitutes for smartphones, the decline in the price of smartphones would, all else equal
A) increase the quantity of smartwatches demanded. B) decrease the quantity of smartwatches demanded. C) increase the demand for smartwatches. D) decrease the demand for smartwatches.
Capital refers to an inventory or a stock of productive equipment and machines.
Answer the following statement true (T) or false (F)
Which makes it easier for a cartel to operate effectively over time?
A. The number of substitutes for the cartel's product increases. B. Demand for the cartel's product becomes more elastic. C. Each member firm observes the pricing and output decisions of other firms in the cartel. D. Demand for the cartel's product decreases.