The airline industry is best classified as:
A) an oligopoly.
B) a monopoly.
C) perfectly competitive.
D) monopolistically competitive
A
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Which of the following is likely to happen if the government lowers its expenditure?
A) Unemployment will increase. B) Consumption will increase. C) Price level will rise. D) Investment will increase.
Many younger people eat peanut butter AND jelly, whereas many older people eat peanut butter OR jelly. This suggests that the cross elasticity of demand between peanut butter and jelly is
A) negative for youngsters and positive for oldsters. B) positive for youngsters and negative for oldsters. C) negative for youngsters and zero for oldsters. D) positive for youngsters and zero for oldsters.
If opportunity costs are ________, the production possibilities frontier would be graphed as a negatively sloped straight line
A) increasing B) constant C) decreasing D) negative
When two goods are perfect substitutes, the marginal rate of substitution
a. decreases as the scarcity of one good increases. b. is constant along the indifference curve. c. changes to reflect the consumer’s changing preferences for the goods. d. increases as the scarcity of one good increases.