Ceteris paribus, if negotiations lead to lower wages for airline employees, what will be the result in the market for air travel?
a. an increase in equilibrium price and an increase in equilibrium quantity
b. an increase in equilibrium price and a decrease in equilibrium quantity
c. a decrease in equilibrium price and an increase in equilibrium quantity
d. a decrease in equilibrium price and a decrease in equilibrium quantity
c
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For decades, the NCAA restricted the number of college football and basketball games that could be televised, and in 1982 the University of Georgia and the University of Oklahoma sued the NCAA under the federal antitrust laws. In 1984, the Supreme Court
decided the case A) for the NCAA, citing the fact that belonging to the NCAA was voluntary. B) against the NCAA, citing that the NCAA did not control what television networks put on the air. C) against the NCAA, citing anticompetitive practice. D) against the NCAA, citing explicit collusion among the larger colleges.
Status-quo bias is:
A. a person's choice being influenced by others' opinions. B. a reluctance to make active decisions to change something, even if it is fairly easy to do so. C. not overcome in the SMarT program because saving is not the default option. D. All of these statements are true.