In a monopolistically competitive industry, firms which enter the market in the long run produce a close substitute and not a standardized product

When wages increase, the income effect a. increases the quantity of labor supplied b. increases the supply of labor

c. decreases the quantity of labor supplied d. decreases the supply of labor.

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 less elastic as departure time approaches.