The price of an airline ticket rises as the amount of time between purchase and flight departure gets smaller. The airlines base the policy on the assumption that
a. consumers are not aware of airline prices.
b. consumer demand is unrelated to prices.
c. consumer demand becomes more elastic as departure time approaches.
d. consumer demand becomes more inelastic as departure time approaches.
D
Economics
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Which of the following is NOT a part of the income approach to determining GDP?
A) rental income B) gross private domestic investment C) net interest D) indirect business taxes
Economics
Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $4, and Winnie maximizes his profit when he employs 3 workers, the wage rate is
A) $25 per day. B) $30 per day. C) $70 per day. D) $50 per day.
Economics