Over the past few years, airlines have tended to compete in the market for intercontinental business class travelers on the basis of:
A) price.
B) cost.
C) timeliness of their flight schedules.
D) amenities.
D
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Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes
What is Deb's opportunity cost of assembling 1 packet? A) 4 envelopes B) 4 packets C) 160 envelopes D) 1/4 of an envelope E) 40 envelopes
John loves to travel. He would never turn down the opportunity to go on a trip. This means that, for John:
a. the total utility of travel always increases. b. marginal utility of travel never decreases. c. the law of diminishing marginal utility does not apply to travel. d. marginal utility of travel is always zero. e. extra travel yields zero consumer surplus.