Which of the following is a likely result of the deregulation of the airline industry that might benefit consumers?
a. a wage increase for union pilots
b. a possible decline in airline safety
c. one firm's emerging as an unregulated monopoly
d. loss of service to unprofitable routes
e. a decrease in air fares
E
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The above figure shows Bobby's indifference map for juice and snacks. Also shown are three budget lines resulting from different prices for snacks. Bobby's demand for snacks is
A) unit elastic. B) elastic. C) inelastic. D) perfectly elastic.
Historical note: John Maynard Keynes did all of the following except
a. become the chief economic counsel to the British delegation at Versailles after World War I b. become a member of London's (famous or infamous) Bloomsbury set c. win the Nobel prize in economics for his contributions to economic theory d. increase King's College's endowment tenfold through stock market speculation e. develop a new school of economic thought