Suppose an airline company has several empty seats on a flight and the full price of an air ticket is $500 while the marginal cost per passenger is $100. The flight leaves in one hour. Which of the following actions will be the best profitable way to to ensure the remaining seats are sold?
What will be an ideal response?
Charge a stand-by passenger more than $100.
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The region that was using mechanized harvesting equipment before the Civil War was
(a) the Northeast. (b) the South. (c) the West. (d) the Far West.
If the demand curve is perfectly inelastic, _____
a. suppliers will bear the entire burden of any tax b. demanders will bear the entire burden of any tax c. suppliers and demanders will split the burden of any tax d. the actual burden of the tax depends upon who is legally required to pay the tax
The equilibrium price is the same as the market-clearing price
a. True b. False Indicate whether the statement is true or false
Which of the following was considered a mild recession?
A. 1937-1938 B. 1973-1975 C. 1981-1982 D. 1990-1991