Which of the following terms refers to an unusually severe, prolonged recession, typically with an unemployment rate that exceeds 20%?

When using the economic efficiency approach to controlling air and water pollution, the government

a. forces each firm to produce emissions in the most cost efficient manner irrespective of its cost structure b. offers each firm the flexibility to reduce emissions in the most cost effective manner, given its unique cost structure c. offers each firm the option of choosing between the cost minimizing emission level and the profit maximizing emission level d. provides each firm with some fixed rules and then requires them to maximize profits given these fixed rules e. offers each firm the option of using marginal cost pricing and average cost pricing when determining the optimum emissions levels

The short-run price elasticity of demand for airline travel is .05, while the long-run elasticity is 2.36 . This means that a significant increase in airline ticket prices will cause airline companies to:

a. collect less revenue from short-notice travelers. b. collect more revenue from travelers who book well in advance. c. lose money on short-notice travelers. d. collect less revenue from travelers who book well in advance. e. lose many of its short-notice travelers.