About 540 million passengers took plane trips in the United States in 2012 . If the average price of time for air travelers is $25 per hour, the opportunity cost of an hour of delay in airports is _____ per year
a. $13.5 billion
b. $14.5 billion
c. $12 billion
d. $25 billion
a
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A firm's expansion path
A) shows the targeted growth rate in sales over the long run. B) is the same thing as its long-run average cost curve. C) is a curve that shows a firm's cost-minimizing combination of inputs for every level of output, holding input prices constant. D) is a curve that shows expected profits at various price levels.
It can be shown that average revenue and price are always equal.
Answer the following statement true (T) or false (F)
Which of the following is not correct?
a. Critics argue that minimum-wage laws hurt the very people they are intended to help. b. Minimum-wage laws may increase unemployment among the groups of workers affected by the minimum wage. c. If the demand for unskilled labor is relatively inelastic, the higher wage will produce more unemployment than if the demand for unskilled labor is relatively elastic. d. Minimum-wage laws may benefit teenagers from middle-class families, so the policy is not a precise way to help the poor.
With an upward sloping SAS curve, an expansionary monetary policy that affects the price level but not real output could be the result of a shift of:
A. only the SAS curve. B. both the AD and SAS curves. C. neither the SAS curve nor the AD curve. D. only the AD curve.