Long-run equilibrium is characterized by zero profits in
A) monopolistic competition only.
B) perfect competition only.
C) both perfect competition and monopolistic competition.
D) market structures in which there are barriers to entry.
C
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Which of the following is a reason why airline yield management is an effective method to increase revenue?
A) because airlines have successfully induced customers to reveal their resources and preferences by offering them different versions of the product such as business class and coach plane tickets B) because airlines have a monopoly in long-distance carriage C) because a ticket is a contract to transport a specific person, and is not transferable D) because airlines have invested heavily in developing computer models that identify optimal pricing strategies in the various market segments
Distinguish macroeconomics and microeconomics