The market structure for the airline industry is determined by:
A.) the number of carriers servicing a given route.
B.) the fares charged by competing airlines.
C.) the number of routes available.
D.) the price charge for flights.
A.) the number of carriers servicing a given route.
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Under a market system, an individual’s income is ultimately determined through
a. education. b. training. c. productivity. d. the pricing system.
In the Cobb-Douglas production function Y = AK3/4L1/4,
A) capital is a more expensive input than labor. B) capital is more plentiful than labor. C) diminishing returns to capital are three times greater than are diminishing returns to labor. D) capital has a larger share in national income than does labor.
In the short run, a firm has fixed costs but never any variable costs
a. True b. False Indicate whether the statement is true or false
Which of the following would be inconsistent with the More-Is-Better Principle?
A. Indifference curves with negative slopes B. Indifference curves that cross C. Indifference curves that are L-shaped D. Indifference curves that are parallel to one another