If arrival and departure delays are frequent early in the morning and late afternoons, but there are no delays during the evening hours, we can conclude that the airport authority
A. charges high landing fees at common departure and arrival times.
B. is concerned about the delay times.
C. is charging uniform landing fees throughout the day
D. should reduce the number of flights during the busy times.
Answer: C
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To find the opportunity cost of producing one more unit of any product while on the production possibilities frontier requires
A) subtracting the change in the product whose production increased from the change in the product whose production decreased. B) dividing the amount of the product forgone by the amount of the product gained. C) setting the amounts of the two products equal to each other. D) setting the change in one product equal to the change in the other product. E) None of these describes how to find opportunity cost.
The opportunity cost of moving from point T to point Q would be
A. giving up trips around the world.
B. giving up heart transplants.
C. gaining trips around the world.
D. gaining heart transplants.
Which of the following short-run outcomes for monopolistic competition is NOT possible?
A) P = MR = MC. B) P > MC > ATC. C) P = ATC. D) P > ATC.
The short-run supply curve for the perfectly competitive firm is the portion of its
A. MC curve above the AVC curve. B. MC curve above the ATC curve. C. MC curve above the MR curve. D. MC curve above the AFC curve.