The airline industry is best classified? as:
A) an oligopoly.
B) a monopoly.
C) perfectly competitive.
D) monopolistically competitive
Ans: A) an oligopoly.
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Imagine a 2,000-acre park with picnic benches, trees, and a pond. Suppose it is publicly owned, and people are invited to enjoy its beauty. When the weather is nice, it is difficult to find parking, and the trash cans overflow with food wrappers on summer afternoons. Otherwise, it is a great place. The park is a common resource because
a. people can be prevented from using it. b. access is limited due to driving distances. c. if too many people use it, one person's use diminishes other peoples' use. d. anyone can use it without affecting anyone else.
Ch 1.The opportunity cost of an action is best defined as which of the following?
What will be an ideal response?
Which of the following will increase macroeconomic equilibrium prices?
A. a decrease in government spending B. a decrease in productivity C. a decrease in input prices D. an increase in taxes
How does government support of health and education programs foster economic growth?
What will be an ideal response?