The Airline Deregulation Act
A. created a new regulatory body called American Airlines.
B. subjected new airlines only to safety regulations.
C. allowed airlines to enter new markets, with government permission.
D. allowed airlines to change prices, with government consent.
Answer: B
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Indicate whether the statement is true or false
A payment to an owner of a resource in excess of its opportunity cost is know as
A) real wages. B) economic rent. C) financial interest. D) accounting profits.
Which pair of goods is likely to have the largest positive cross-price elasticity?
A. Peanut butter and jelly B. Butter and margarine C. Ramen noodles and a Rolex watch D. Cross-price elasticity is always negative, and simply reported in absolute value.
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Answer the following statement true (T) or false (F)