Refer to the scenario above. If the market for Good Y is monopolistically competitive, a firm producing Good Y will shut down production in the short run if price falls below ________

Boeing Corporation and Airbus Industries are the only two producers of long-range commercial aircraft. This market is not perfectly competitive because:

A. Airbus cannot sell aircraft to the United States government. B. each company has annual sales over $10 billion. C.Airbus receives subsidies from the European Union. D. all of the above E. each company can significantly affect prices.

If students' expenditures on airline travel increase as a consequence of more heavily discounted fares, students' demand for airline travel must be

A) income elastic. B) income inelastic. C) price elastic. D) price inelastic.