When governments specify the maximum amount of a good that may be imported in a given period of time, they are establishing a

Suppose the production of long-distance airline flights is described by a fixed proportion production process in which three crew members (i.e., labor) are required for each aircraft (i.e., capital)

If the airline operates with four crew members per plane, then we know that: A) the production process violates diminishing margin returns. B) production at this point is technically inefficient. C) the isoquants for this production process are upward sloping. D) the airline will have negative profits.

Scalping and other black market activities arise when

A) the prices of goods are allowed to adjust to their equilibrium levels. B) the quantities of goods demanded and supplied are allowed to adjust to their equilibrium levels. C) the prices of goods are restricted to levels above equilibrium prices. D) the prices of goods are restricted to levels below equilibrium prices.