Suppose the cost of flying a 100-seat plane for an airline is $50,000 and there are 10 empty seats on a flight. The marginal cost of flying a passenger is
a. $50.
b. $500.
c. $50,000.
d. This cannot be determined from the information given.
d
You might also like to view...
Based on the following data for the country of Tiny Town, the unemployment rate equals Population = 100 Labor force = 80 Number of employed persons = 70 Number of discouraged workers = 5
A) 10/100 × 100. B) 10/80 × 100. C) 15/80 × 100. D) 5/70 × 100.
The price elasticity of demand is usually equal to the slope of the demand curve
a. True b. False
When a country imposes and maintains price controls, inflation
A) can never occur. B) will result in a general surplus of goods and services. C) is felt through long lines of people wanting to buy goods. D) has been legislated away.
In Exhibit 3, what area(s) represent consumer surplus gains from imports after free trade is allowed?
a. a
b. b
c. a and b
d. b and d