To be the best at everything is possible
Indicate whether the statement is true or false
False
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Aggregate producer surplus in an industry is measured along the market supply curve is and only if firm production technologies exhibit the quasilinearity property.
Answer the following statement true (T) or false (F)
A contestable market is one in which there are
A) one or a few firms, and entry into the market is costly. B) one or a few firms, and entry into the market is not costly. C) many firms, and entry into the market is costly. D) many firms, and entry into the market is not costly.
Refer to Figure 10.3. What is the competitive price?
A) P1 B) P2 C) P3 D) P4 E) P5
A regional airline owns 10 aircraft and employs 20 pilots. The airline makes an average of three trips per day with each of its 10 aircraft. The aircraft and their ground crews are idle part of the day. Minimum rest requirements for its pilots mean that if the airline wants to increase its flights, it must hire more pilots. The decision to hire more pilots is:
A. a short-run decision because the number of pilots is being increased; if the number of ground crew were decreased instead, it would be a long-run decision. B. a short-run decision because the number of aircraft is held constant while the labor input is changed. C. a long-run decision because customers will become accustomed to the new flight schedule. D. a long-run decision because hiring pilots will increase revenues over a long period of time for the airline.