Suppose there are economies of scale in the production of a specialized memory chip that is used in manufacturing microwaves. This suggests that the microwave industry is a decreasing-cost industry

If students' expenditures on airline travel increase as a consequence of more heavily discounted fares, students' demand for airline travel must be

A) income elastic. B) income inelastic. C) price elastic. D) price inelastic.

Perfectly competitive firms are sometimes called price makers because they have significant control over product price

a. True b. False